Interplast Ghana is a rubber fabricating company based at North Industrial Area. The company produce rubberbuckets for the West African market and plans to produce 1,000 units of buckets in the month of January. Thebucket requires a single operation and the standard cost for the operation is presented below:Standard cost card (bucket)GH₂Direct material (plastics): 10 kg at GHe 0.50 per kg)Direct labour (5hours@ GHe 20 per hours)Variable overheads (3 hours at GHe 2 per direct labour)Total standard variable costStandard contribution marginStandard selling priceBudget statement for the month of JanuarySales (1.000 units of buckets at GHe 140 per unit)Direct materials: (10,000 at GHe 0.50)Direct labour (4,000 hours @GHe 20per hour)Variable overheads (4,000 hours @GHe 2 per direct hour)93,000Budget contribution47,000Fixed overheads20,000Budgeted profit27,000The annual budgeted fixed overheads is GH€ 240,000 and are assume to be incurred evenly throughout theyear.Actual results for April are:5100611129140GH₂5,00080,0008000GH₂140,000 Variable overheads (4,000 hours @GHe 2 per direct hour)93,000Budget contribution47,000Fixed overheads20,000Budgeted profit27,000The annual budgeted fixed overheads is GH¢ 240,000 and are assume to be incurred evenly throughout theyear.Actual results for April are:GH¢GH₂Sales (800 units of buckets at GHe 150 per unit)120,000Direct materials: (9,000kg at GHe 0.60)Direct labour (3,500 hours @GHe 18 per hour)Variable overheads (3.500 hours @GHe 2.50 per direct hour)77,150Contribution42,850Fixed overheads18,000Profit24,850The production overheads are charged to production on the basis of direct labour hours. Actual production andsales are 800 units of buckets.You are require to calculate all the standard variances listed above and reconcile the results thereof.880005,40063,0008.750

Name: Interplast Ghana is a rubber fabricating company based at North Indus
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Description: Interplast Ghana is a rubber fabricating company based at North Industrial Area. The company produce rubberbuckets for the West African market and plans to produce 1,000 units of buckets in the month of January. Thebucket requires a single operation

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Variable overheads (4,000 hours @GHe 2 per direct hour) 93,000 Budget contribution 47,000 Fixed overheads 20,000 Budgeted profit 27,000 The annual budgeted fixed overheads is GHe 240,000 and are assume to be incurred evenly throughout the year. Actual results for April are: GHe GHe Sales (800 units of buckets at GHe 150 per unit) 120,000 Direct materials: (9,000kg at GHe 0.60) 8000 13 5,400

Variable overheads (4,000 hours @GHe 2 per direct hour) 93,000 Budget contribution 47,000 Fixed overheads 20,000 Budgeted profit 27,000 The annual budgeted fixed overheads is GHe 240,000 and are assume to be incurred evenly throughout the year. Actual results for April are: GHe GHe Sales (800 units of buckets at GHe 150 per unit) 120,000 Direct materials: (9,000kg at GHe 0.60) 8000 13 5,400

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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