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3 kilos at RM 5 per kilo 2 hours at RM 5 per hour RM 5 per labour hour RM 6 per labour hour heen calculated on the basis of a

3 kilos at RM 5 per kilo 2 hours at RM 5 per hour RM 5 per labour hour RM 6 per labour hour heen calculated on the basis of a

FINANCIAL ACCOUNTING
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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Seputeh Sdn. Bhd. began business on 1 March, making one product, "Putih", the standard for which are as follows: Direct Material 3 kilos at RM 5 per kilo 2 hours at RM 5 per hour RM 5 per labour hour RM 6 per labour hour Direct Labour Variable Overhead Fixed Overhead The fixed overhead has been calculated on the basis of a budgeted annual output of 36,000 units, to accrue evenly over each month. The selling price per unit is RM60, and the number of units produced and sold for the first two months were as follows: March April Units Units Production 2000 3000 Sales 1500 3200 (a) Calculate the standard cost and profit for one unit of "Putih". (b) Prepare a statement showing the profits for both March and April, using: (i) (ii) Marginal costing Absorption costing (c) Prepare a statement reconciling the profits for each month (d) State ONE (1) advantage and a disadvantage of marginal and absorption cost statement.
Transcribed Image Text:Seputeh Sdn. Bhd. began business on 1 March, making one product, "Putih", the standard for which are as follows: Direct Material 3 kilos at RM 5 per kilo 2 hours at RM 5 per hour RM 5 per labour hour RM 6 per labour hour Direct Labour Variable Overhead Fixed Overhead The fixed overhead has been calculated on the basis of a budgeted annual output of 36,000 units, to accrue evenly over each month. The selling price per unit is RM60, and the number of units produced and sold for the first two months were as follows: March April Units Units Production 2000 3000 Sales 1500 3200 (a) Calculate the standard cost and profit for one unit of "Putih". (b) Prepare a statement showing the profits for both March and April, using: (i) (ii) Marginal costing Absorption costing (c) Prepare a statement reconciling the profits for each month (d) State ONE (1) advantage and a disadvantage of marginal and absorption cost statement.
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