Please solve UniqMe Sdn. Bhd. produces exclusive cooking equipment and uses a standard costsystem for control purposes. In year 2020, the company produced 8000 exclusive fryingpans, called Magic. The standard costs associated with this product, along with the actualcosts incurred last year, are given below:Standard costActual cost(RM)(RM)Direct materials:Standard: 0.5kg at RM37 per kgActual: 0.6kg at RM32 per kg18.5019.20Direct labour:Standard: 0.9 hours at RM7.50 per hour6.75Actual: 0.8 hours at RM8.00 per hour6.40Variable manufacturing overhead:Standard: 0.9 hours at RM2.50 per hour2.25Actual: 0.8 hours at RM2.75 per hourTotal cost per frying pan2.20RM27.50RM27.80There was no inventory of materials on hand to start the year. During the year, 4,800 kgof materials were purchased and used in production.The company's President was happy when he saw the actual costs exceeded standardcosts by only RM0.30 per unit. He stated, “I afraid that our unit cost might get out ofhand when we gave out those raises last year in order to stimulate output. But it isobvious our costs are well under control."Required:a. Compute direct material price and quantity variances.b. Compute direct labour rate and efficiency variances.c. Compute the variable overhead rate and efficiency variances.d. Do you agree with the President's statement that "our costs are well under control?Explain.

Direct material price variance = (Standard price - Actual price) × Actual quantity=(RM 18.50 -RM…

UniqMe Sdn. Bhd. produces exclusive cooking equipment and uses a standard cost system for control purposes. In year 2020, the company produced 8000 exclusive frying pans, called Magic. The standard costs associated with this product, along with the actual costs incurred last year, are given below: Standard cost Actual cost (RM) (RM) Direct materials: Standard: 0.5kg at RM37 per kg Actual: 0.6kg at RM32 per kg 18.50 19.20 Direct labour: Standard: 0.9 hours at RM7.50 per hour 6.75 Actual: 0.8 hours at RM8.00 per hour 6.40 Variable manufacturing overhead: Standard: 0.9 hours at RM2.50 per hour 2.25 Actual: 0.8 hours at RM2.75 per hour рer 2.20 Total cost per frying pan RM27.50 RM27.80

UniqMe Sdn. Bhd. produces exclusive cooking equipment and uses a standard cost system for control purposes. In year 2020, the company produced 8000 exclusive frying pans, called Magic. The standard costs associated with this product, along with the actual costs incurred last year, are given below: Standard cost Actual cost (RM) (RM) Direct materials: Standard: 0.5kg at RM37 per kg Actual: 0.6kg at RM32 per kg 18.50 19.20 Direct labour: Standard: 0.9 hours at RM7.50 per hour 6.75 Actual: 0.8 hours at RM8.00 per hour 6.40 Variable manufacturing overhead: Standard: 0.9 hours at RM2.50 per hour 2.25 Actual: 0.8 hours at RM2.75 per hour рer 2.20 Total cost per frying pan RM27.50 RM27.80

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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