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You are required to conduct a detailed analysis of all the prime cost and overhead variances. You must create a fictitious company (and a fictitious cost object) which has at least three direct material categories; at least two direct labour categories and both variable and fixed overheads. You can refer to pages 476 and 532 of your prescribed textbook for detailed illustrations and also the lecture illustration which was discussed in the lecture and tutorial in week 7 and 8. Please make sure you clearly mention the standard and the actual quantity and price of all the inputs. You're encouraged to use diagrams and flowcharts to illustrate your analysis. In total, you'll be analysing 6 direct material variances (both price and efficiency variance for the three types of direct material - 3 x 2 = 6), 4 direct labour variances (both price and efficiency variance for the two types of direct labour - 2 x 2 = 4), 2 variable overhead variances (spending and efficiency variance) and 2 fixed cost variances (spending and volume variance). You MUST make sure that any 4 out of the 6 direct material variances are unfavourable and any 1 out of 4 direct labour variances are favourable. In the end you must prepare a short report (maximum 1,000 words) of your analysis, identifying possible reasons for favourable and unfavourable variances. You're also required to record the necessary journal entries to close all the variances.
Time Keeping - Cost Accumulation A labour cost control routine should ensure that payments are paid only to employees who have spent time at the work place and that payments a
1) Jodie received a $2000 college entrance scholarship. Nine month later Brian was awarded a $2100 academic proficiency scholarship for his outstanding grades in the first year of
Process Costing Procedure 1. The production factory is divided into a number of methods. 2. An account is maintained and opened for every process. 3. Every process accou
Absorption of Non Production Overheads in Production Cost Product costs may be compiled for a range of purposes including a) Stock valuation b) Product pricing c) Dec
given formula
Which statement best describes a sunk cost? A a cost which is irrelevant for the future B a cost which must be matched against the revenue C a cost which remains the same at all le
Reserves and surplus or retained earnings usually occur out of profitable operations. This is a surplus not distributed through the firm as dividends. Conversely, these are profits
Wages Department It is accountable for the preparation of the payroll and the payment of wages. The routine will need: a) Analysis of clock cards and verify of overtime aut
Comparison between Marginal Costing and Absorption Costing There are accountants who favour all costing method. Arguments in favour about absorption costing are specified a
What is callable preferred stock? Why do corporations issue such stock? Given the different features that are associated with stock (callable, cumulative, preferred, etc.), what ty
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