2. A food product company, manufacturer two products: 'Petrol' and Oil'. The Information related to...
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Accounting
2. A food product company, manufacturer two products: 'Petrol' and Oil'. The Information related to Sales during the last period is as follows:
Petrol Oil
Budgeted Sales 8, 000 4 000
Actual Sales 6, 000 7,000
Standard Costs and revenues per unit of Petrol and Oil are as follows:
Petrol Oil
Sales 18 per Unit 10 liters 600 SAR
Direct Material 5 Per Unit 10 liters 200 SAR
Direct Labor 2 Per Unit 10 liters 100 SAR
Variable Overhead 3 Per Unit 10 liters 50 SAR
Fixed Overhead 2 Per unit 10 liters 20 SAR
You are required to find:
(a) Sales Volume Variance where the company is using Marginal Costing system
(b) Sales Volume Variance where the company is using Absorption Costing system
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