please answer in 30 minutes. The following data have been extracted from the budgets and standard costs of FAALimited, acompany which manufactures and sells a single product.GHS per unitSelling price65.00Direct materials cost15.00Direct labour cost6.00Variable overhead cost3.50Fixed production overhead costs are budgeted at GHS250,000 per annum. Normalproduction levels are thought to be 200,000 units per annum.Budgeted selling and distribution costs are as follows.VariableGHS 2.50 per unit soldFixedGHS 45,000 per annumBudgeted administration costs are GHS90,000 per annum.The following trends of sales and production are expected during the year 2021.1 Half-year2d Half-yearSales (units)80,000100,000Production (units)90,000120,000There is no inventory on 1st January 2021.Required:Prepare profit statements for each half of the year 2021 using:

Marginal costing (GHS) Absorption costing (GHS) Direct materials p.u 15.00 15.00 Direct labour…

Answered: Prepare profit statements for each half…

Business

Accounting

Prepare profit statements for each half of the year 2021 using:

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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Question

please answer in 30 minutes.

The following data have been extracted from the budgets and standard costs of FAA
Limited, a
company which manufactures and sells a single product.
GHS per unit
Selling price
65.00
Direct materials cost
15.00
Direct labour cost
6.00
Variable overhead cost
3.50
Fixed production overhead costs are budgeted at GHS250,000 per annum. Normal
production levels are thought to be 200,000 units per annum.
Budgeted selling and distribution costs are as follows.
Variable
GHS 2.50 per unit sold
Fixed
GHS 45,000 per annum
Budgeted administration costs are GHS90,000 per annum.
The following trends of sales and production are expected during the year 2021.
1 Half-year
2d Half-year
Sales (units)
80,000
100,000
Production (units)
90,000
120,000
There is no inventory on 1st January 2021.
Required:
Prepare profit statements for each half of the year 2021 using:

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Step 1: Calculation of product cost per unit under marginal and absorption costing:

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Step 4: Absorption costing

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