Answer the questions from the information provided. 2.1 Use the information provided below to calculate and comment on the following in respect of the project: 2.1.1 Cost variance 2.1.2 Cost variance % 2.1.3 Schedule variance %. INFORMATION The following information is available for a project undertaken by Midi Limited: The budget that has been authorised for the scheduled work to be completed R200 000 The value of work completed expressed in terms of approved budget allocated to that work R150 000 Total costs that were incurred to accomplish the work performed during the given time period R250 000 The total planned value of the project R600 000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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QUESTION 2
Answer the questions from the information provided.
2.1 Use the information provided below to calculate and comment on the following in respect of the
project:
2.1.1 Cost variance
2.1.2 Cost variance %
2.1.3 Schedule variance %.
INFORMATION
The following information is available for a project undertaken by Midi Limited:
The budget that has been authorised for the scheduled work to be completed
R200 000
The value of work completed expressed in terms of approved budget allocated to that work
R150 000
Total costs that were incurred to accomplish the work performed during the given time period
R250 000
The total planned value of the project
R600 000
Transcribed Image Text:QUESTION 2 Answer the questions from the information provided. 2.1 Use the information provided below to calculate and comment on the following in respect of the project: 2.1.1 Cost variance 2.1.2 Cost variance % 2.1.3 Schedule variance %. INFORMATION The following information is available for a project undertaken by Midi Limited: The budget that has been authorised for the scheduled work to be completed R200 000 The value of work completed expressed in terms of approved budget allocated to that work R150 000 Total costs that were incurred to accomplish the work performed during the given time period R250 000 The total planned value of the project R600 000
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