Sb financial accounting QUESTION [25]Manac Ltd manufactures clothing and uses a standard costing system.The following is the standard variable cost for one of their products:Material @ R8.00 per kgLabour @ 1.5 hrsR20.0022.50Variable overheads-varying with hours worked: 1.5 hrs @ R6.00 per hour9.00-varying with production7.00Budgeted sales - 11 700 unitsActual results are as follows:Materials purchased 32 000 kgR262 400Labour (Rate per hour R16.00)R304 000Variable overheads-varying with hours worked-varying with productionR108 300R 78 000R624 000SalesAdditional information:The budgeted selling price is R50.00 per unit.1. 12 000 units were manufactured and sold.2. There were no completed units, work in progress or material on hand at thebeginning or end of the period.1. Material price varianceRequired:(5)Calculate and state whether the following variances are favourable /unfavourable:1. Material quantity variance2. Labour rate variance3. Labour efficiency variance4. Selling price variance(5)(5)(5)(5)

Step 1:1. The material price variance is calculated as follows: Material price variance = (Actual…

Answered: QUESTION [25] Manac Ltd manufactures…

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 4 Achimota Ltd produces a single product and has the following financial information: Selling Price Cost per unit: Direct Materials Direct Labour Variable Overheads GH¢ 50 15 14 4 Fixed manufacturing overheads are GH¢40,000 per month, production volume is 10,000 units per month and sales is 9,200 units. You are required to: a) Calculate the cost per unit under: i. Absorption costing ii. Marginal costing b) Prepare the income statement of ABC Ltd under: i. Absorption costing technique ii. Marginal costing technique c) Reconcile the profits obtained under (bi) and (bii) d) Explain the reasons for the difference in profits in (c) above.
JSON-5313 Inc. produces Products X5, Y8, and Z9. The following table provides per unit information relating to the three products: Product Y8 X5 Z9 Selling price $ 72.00 $ 54.00 $ 62.00 Variable expenses: Direct materials 21.60 18.00 9.00 21.60 22.50 34.40 43.20 43.40 Other variable expenses Total variable expenses Contribution margin Contribution margin ratio 40.50 $13.50 $28.80 $18.60 40% 25% 30% JSON-5313 has enough demand to sell 700 units of each product per month. Each product requires the same direct materials in its production. The direct materials cost $3 per pound. The company will at most have 4,800 pounds of the direct materials available every month. What is the maximum contribution margin that JSON-5313 can earn per month using its 4,800 pounds of direct materials optimally? O $ 10,800 O $ 13,020 O $ 23,820 O $ 26,320
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Sheridan Company manufactures and sells two products. Relevant per unit data concerning each product follow. Selling price Variable costs Machine hours (a) Product Basic $42.0 $24.0 0.5 Deluxe $55.0 $29.4 x Your answer is incorrect. 0.8 Compute the contribution margin per machine hour for each product. Contribution margin per machine hour $ Basic 40 $ Deluxe 51 F
KPR manufactures deals in various products. Relevant details of the products are as under: AWAXAYAZ Estimated annual demand (units)5000100070008000 Sales price per unit (Rs.)150180154175 Material consumption: Q (Rs)2729.524.529.75 Labor hours (Rs)5056.2543.7562.5 Variable overheads (based on labor cost) 70%80%10%90% Fixed overheads per unit (Rs.)10201416 Machine hours required: Processing machine hours 56810 The capacity utilization is as under:Hours Processing machine 150,000 RequiredCompute the number of units of each product that the company should produce in order tomaximize the profit. (B) KPR manufactures is considering a special order for 20 handcrafted gold bracelets to be given as gifts to members of a wedding party. The normal selling price of a gold bracelet is Rs 184 and its unit product cost is Rs140.00 as shown below: Direct materials . . . . . . . . . . . . . . . . . . . . Rs 81.00Direct labor . . . . . . . . . . . . . . . . . . . . . . . 42.00Manufacturing…
Answer the question Question 4 Company C makes and sells three types of products for which the following information is available: Standard cost and selling prices per unit: 'X' 'Y' 'Z' (RM) Product type (RM) (RM) Direct material 110 153 Direct labour department 140 Direct labour department 22d. Variable overheads Selling price 55 70 www 32 44 www 20 28 250 320 458 Fixed costs for the period are RM400,000. Direct labour from department 2, which is highly skilled, is available for 25,000 hours only in a period and is paid RM8 per hour. Both, direct labour from departments 1 and 2 are variable costs. The maximum demand for the product is: 'Z' 2,000 units 3,000 units 1,800 units 'X' 'Y' Required: (a) Calculate the shortage in hours of direct Jabour from department 2. www (b) Calculate the best production plan and the maximum profit that could be achieved from the plan.
Benoit Company produces three products-A, B, and C. Data concerning the three products follow (per unit): Product A В C $ 84.00 $ 66.00 $ 74.00 Selling price Variable expenses: Direct materials Other variable expenses Total variable expenses 25.20 25.20 18.00 9.00 31.50 42.80 50.40 49.50 51.80 Contribution margin $33.60 $ 16.50 $ 22.20 Contribution margin ratio 40% 25% 30% The company estimates that it can sell 850 units of each product per month. The same raw material is used in each product. The material costs $3 per pound with a maximum of 5,700 pounds available each month. Required: 1. Calculate the contribution margin per pound of the constraining resource for each product. 2. Which orders would you advise the company to accept first, those for A, B, or C? Which orders second? Third? 3. What is the maximum contribution margin that the company can earn per month if it makes optimal use of its 5,700 pounds of materials?
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