11 The flexible budget of Coco Corp in different levels of direct labor hoursDirectlaborhoursVariable20,00030,00040,000FOH40,00060,00080,000Fixed10,00010,00010,000FOH11 Each product needs 5 direct labor hours, and the company expects to produce 2,000 units in2021. Calculate the total factory overhead rate per unit using direct labor hours as allocate12 Each product needs 5 direct labor hours, and the company expects to produce 2,000 units in2021 CalCulate the total factory overhead rate per unit using production as allocation base

Variable costs are those costs whose value changes with the change in the production level while as…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PROBLEM 10 The controller of Palma Company is examining the following budgeted and actual income statements for its principal product for 2021. All amounts are in thousands of pesos. Budget P4,800.0 1,668.0 P3,120.0 Actual P4,967.2 1,780.8 P3,186.4 Sales Variable cost Contribution margin The budgeted unit selling price is P8.00. Actual unit volume is 6% over budget, but the actual selling price is below budget. Per-unit variable costs are incurred as budgeted. Determine the sales price variance and sales volume variance.
Question 3
QUESTION 1 A company manufactures and sells a single product. Budgeted data per unit of the product is: (20 Marks) Selling Price Variable Cost* Fixed Production overhead R 8.50 3.70 2.90 *All variable costs are manufacturing i.e there are no non-manufacturing variable costs. The above fixed production overhead absorption rate is based on budgeted production of 12,000 units per period. Budgeted non-production overhead (all fixed) is R16, 800 per period. Actual sales and production for two periods has been: Sales Production Period 1 11 600 units 12 000 units Period 2 12 400 units 12 300 units There was no stock at the start of Period 1. The selling price, unit variable costs and total fixed costs were as per budget in both periods. REQUIRED 1.1 Prepare statements of Comprehensive income for both periods (ie period 1 & Period 2), using absorption costing, showing the actual results for each of the two periods. (7) The company wishes to compare the results reported in (1.1) above with…
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Q49 Arrow, Incorporated, manufactures two products that it sells to the same market. Excerpted below are its budgeted and actual operating results for the year just completed: Budget Actual Unit sales Product X 21,500 40,000 Product Y 89,000 79,000 Unit contribution margin Product X $ 6.00 $ 3.90 Product Y $ 13.00 $ 14.00 Unit selling price Product X $ 13.00 $ 14.00 Product Y $ 30.00 $ 29.00 Industry volume was estimated to be 1,865,000 units at the time the budget was prepared. Actual industry volume for the period was 2,400,000 units. Arrow measures variances using contribution margin. The weighted-average budgeted contribution margin per unit is: Multiple Choice $10.43. $11.64. $12.23. $9.12. $9.17.
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F Based on predicted production of 25,000 units, a company budgets $280,000 of fixed costs and $275,000 of variable costs. If the company actually produces 19,800 units, what are the flexible budget amounts of fixed and variable costs? -----Flexible Budget------ Variable Amount per Unit Total Fixed Cost 19,800 units $ 275,000 Variable cost Fixed costs 280,000 2 W S # 3 E D $ 4 $ D R F 4 U 8 J 9 K
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Question B3 Aberdeen Ltd is preparing its labour and overhead budget for Department Y for 2012. It wishes to identify likely costs at 75%; 90% and 100% of capacity. The following Information is relevant: > Direct labour rate is £12.00 per hour > 100% capacity would represent 80,000 direct labour hours > Variable costs Indirect labour charged at £1.50 per direct labour hour Consumables charged at £0.50 per direct labour hour Canteen costs at 5% of direct and indirect labour > Seml-variable costs are expected to relate to direct labour hours as over the previous three years: Year 2009 2010 2011 Direct labour hours 50,000 55,000 58,000 Semi-variable cost E30,000 E32,000 £33,200 > Fixed costs Depgeciation £35,000 Maintenance £42,000 Insurance £7,000 Rent Management salaries £105,000 £38,000 Required (a) Draft the flexed budgets for Department Y of Aberdeen Ltd at the relevant levels of operational capacity. (b) Estimate the budgetary cost for Department Y if it operated at 95% of capacity.

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