Chimco is a limited company operating in the Hat making industry in East England. Below is a cost breakdown of their activities for the year 2020. Their business has been severely impacted by the Covid-19 lockdowns as they people were confined to their houses due to Government regulations. Items Cost per Actual (£) unit Units 000'00L Selling price 35 Revenue 000'000 Variable costs: Materials 3.50 380,000 Labour 540,000 Overhead 2.50 250,000 Contribution 24 1,830,000 Fixed overheads: Warehouse rental 350,000 200,000 Insurance 000'0 000'0 Fulltime supervisor 000'09 000' salary Profit 1,435,000 (i) Prepare the monthly control report showing original budget, flexed budget, and variances. (ii) Using your control report prepared in (i) above, prepare a report on Chimco's performance during the year 2020. (iii) Provide recommendations to Chimco's CEO on areas of improvement.

Chimco is a limited company operating in the Hat making industry in East England. Below is a cost breakdown of their activities for the year 2020. Their business has been severely impacted by the Covid-19 lockdowns as they people were confined to their houses due to Government regulations. Items Cost per Actual (£) unit Units 000'00L Selling price 35 Revenue 000'000 Variable costs: Materials 3.50 380,000 Labour 540,000 Overhead 2.50 250,000 Contribution 24 1,830,000 Fixed overheads: Warehouse rental 350,000 200,000 Insurance 000'0 000'0 Fulltime supervisor 000'09 000' salary Profit 1,435,000 (i) Prepare the monthly control report showing original budget, flexed budget, and variances. (ii) Using your control report prepared in (i) above, prepare a report on Chimco's performance during the year 2020. (iii) Provide recommendations to Chimco's CEO on areas of improvement.

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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