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The following details were extracted from the standard cost card of a component: Raw Materials 2.82 Kgs @ Rs.4.80 Kg. Direct Labour Type I 6.5 hrs @ Rs.3.75 Type II 3.85 hrs @Rs. 4.25 During a period original results were as follows: Production 1,100 components. Direct Material Purchase and usage 3,200 Kgs at a cost of Rs.15,100 Wages Paid Type I (7,120 hrs ) Rs.27,056 Type II (4,235) Rs. 18,210
Requirement: You are needed to calculate what variances have arisen.
Expenses paid in previous of their use or consumption is termed as prepaid expenses. At the ending of the year, a portion of the payment keeps unconsumed and is treated like an ass
worked examples of marginal and absorption cost
Cal Farms reported a supplies expense of $2,000,000 a year. The supplies amount decreased by 200,000 during the year to an ending balance of $400,000. What was the cost of supplies
Advantages of Standard Costing 1. Management via Exception: the standard costing is an example for management via exception. By studying the variances, management's attentio
Allocation of Overhead Costs Allocation of overheads is the term utilized where the overhead cost item can be charged to a exact cost center without the requirement for any es
The following information is available for Whitlock Corporation in millions average common stockholders equity 2014-$2,532 2013-$2,591 dividends declared for common stockholders 20
The follow data relates ot year 20XX for Plano Manufacturing Company: Units produced - 2,000 Units sold - 1,800 Selling price - $200 / per unit Direct material costs - $80,000 Dir
A firm operates two plants with the marginal cost curves given by MC 1 = 50 + 2Q 1 , MC 2 = 90 + Q 2 . If the firm's total output must be 80 units, how much will it produce a
Using labour cost as the focus, discuss the differences in the measurement of labour efficiency / effectiveness where (i) total quality management techniques and (ii)
A company has developed a new product which it will launch next month. During the initial production phase the company expects to produce 6,400 units in batches of 100 units. The f
price variance-15100-153620=260 (fav)usage variance-15360-14890=470 (adverse)total material variance=210 (adv)
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