Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Hunter-gatherer Ltd produces Widgets. The table below shows the budget and actual units sold together with standard costs and actual costs for materials and labour used in the manufacture of Widgets.

Data for July 2008: Budget Actual
Units of finished Widgets sold 5000 4500
Standard material required
(kg per Widget) 1.5 1.7 Actual materials used
(kg per Widget)
Standard material costs per kg £12.50 £13.00 Actual material cost per kg
Standard labour hours required
(hours per Widget) 1.2 1.3 Actual labour hours used
(hours per Widget)
Standard labour costs per hour £14.00 £13.90 Actual labour cost per hour

Assume that the quantity of materials purchased and the quantity used are identical.

a. Produce a report that compares the original budget with actual costs for materials and labour in July.
b. Produce a budget versus actual variance report using a flexible budget and find out the variances on that basis.
c. find out both usage and price variances for each of materials and labour.
d. describe why variance analysis using a flexible budget may be helpful for management control.

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948521

Have any Question? 


Related Questions in Accounting Basics

Accounting concepts and practices assignment-you are an

Accounting Concepts and Practices Assignment- You are an accountant at WCP Accountants & Investment Advisers. You have been approached by a client for your professional advice on investing in Woolworths Ltd. Your client ...

Big alrsquos pizza inc a new subsidiary of big alrsquos

Big Al’s Pizza, Inc., a new subsidiary of Big Al’s Pizza Emporium, has been established to produce partially baked, flash-frozen, 16-inch meat pizzas to be sold wholesale to grocery and convenience stores and school cafe ...

B bakery is a family owned firm with around 70 employees

B Bakery is a family owned firm with around 70 employees and sales revenue increased to more than $ 13.5 million during the past year. It has been in business for over 50 years and supplies bread and confectionary produc ...

Question 1you own an automobile parts company and have been

Question #1 You own an automobile parts company and have been approached by a leading car manufacturer to supply parts to the company. How would you determine that the car manufacturer has a good record of servicing sale ...

A strong 1 page paper with references forbased on the

A strong 1 page paper with references for Based on the scenario presented in the Learning Team Instructions, write a 1-page report on your IT Audit and Control Analysis Plan. Draft answers to the following: • Why conduct ...

Q1 kay corporation is engaged in the furniture

Q1. Kay Corporation is engaged in the furniture manufacturing business. Following are some of the financial figures of company: Sales                                      Rs. 760,000 Net Profit                            ...

Part 1the chief executive officer ceo of a pharmaceuticals

Part 1 The chief executive officer (CEO) of a pharmaceuticals company wants to invest in new architecture and art for the company headquarters. You have been chosen to recommend artwork for the new location. Review the f ...

Do the following assignment using microsoft excel

Do the following assignment using Microsoft Excel (handwritten projects will not be accepted) This is an individual assignment, make sure you have included your name, Id and Section no on the printout. Submit in class on ...

Ecampus accounting cycle paperaccounting cycle paper-

eCampus Accounting Cycle Paper Accounting Cycle Paper- Assessment Activity- Write a 700- 1,050-word paper including the following: · The purpose of accounting and financial reporting within your organization or an organi ...

Accounting principles assignment-q1 smith catering service

Accounting Principles Assignment- Q1. Smith Catering Service completed the following transactions during its first month of operations for July 2016: a. Smith Catering Service commenced operations by receiving $12000 cas ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate