Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (1)        the standard costs of wooden duc

(1)        The standard costs of wooden ducks on wheels, for the CURRENT year, for 5 mm board...

90.2K

Verified Solution

Question

Accounting

(1)        The standard costs ofwooden ducks on wheels, for the CURRENT year, for5 mm board and for cutting are as follows:-

           5 mm board: 0.2 sq. metre at £4.50 per sq. metre.

           Cutters: 1.5 minutes at £7.20 per hour.

In the most recent period, 120 woodenducks on wheels were produced.

25 sq. metres of 5 mm board wererequisitioned from stores at a total cost of £110.

           2.75 hours were recorded for cutters at a total cost of £22.

           Required

(a)        Calculate thematerial price variance and material usage variance for 5 mmboard

(ii)        Calculate the wagerate variance and labour efficiency variance for cutters

           

Suggest possible reasons for thevariances calculated.

(2)        Given standardcost per unit:

           Direct materials (4 kg. @ 75p per kg)

           Direct labour (2 hrs @ £1.60 per hr)

           Actual details are:

           

£

Output produced (units)

         38,000

           

Direct material purchased

        180,000 kg

           126,000

          issued to production

        154,000 kg

Direct labour

          78,000hrs

           136,500

           Calculate:        Material andlabour variances.

Answer & Explanation Solved by verified expert
4.2 Ratings (668 Votes)
Answer    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Explain tactility using poly(acrylonitrile) as an example.

Biology
1.2K views

4 Listen From the list choose any that is are potential energy Check Select 3...

Statistics
1.2K views

You randomly select 500 students and observe that 135 of them smoke What is your...

Calculus
1.2K views

Which function is shown in the graph below TITT CONCO 4 10 8 6 4...

Accounting
1.2K views

Question 24 1 pts The Black Squirrel limited partnership has been...

Accounting
1.2K views

EXERCISE 7-7 Computing ABC Product Costs [L03,L04] ucts follow: company makes two products, titanium Hubs...

Accounting
1.2K views

Question 8 of 8 Note 1 $ Note 2 $...

Accounting
1.2K views

Flexible Budget for Selling and Administrative Expenses for a Service Company Cloud Productivity Inc, uses...

Accounting
1.2K views

Thank you for the heads up 1.2 REQUIRED Use the information provided...

Accounting
1.2K views

EGR Corporation has one asset worth $450,000. Depreciation accumulated to date is $180,000 and accumulated...

Accounting
1.2K views

A corporation has 1,500 shares of 10 percent, $40 par-value preferred stock and 10,000 shares...

Finance
1.2K views

The duration of a five-year bond with 8% annual coupons trading at par is closest...