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Question 1
UO Ltd operates a standard marginal cost accounting system.
Information relating to product Y, which is made in one of the company departments, is given below:
Standard marginal Product cost Product X Unit                       (£)
Direct material 6 kilograms at £4 per kg                                     24
Direct labour 1 hour at £12 per hour                                           12
Variable production overhead *                                                    3
                                                                                                            39
Variable production overhead varies with units produced
Budgeted fixed production overhead, per month: £105,000.
Budgeted production for product X: 20 000 units per month.
Actual production and costs for month 6 were as follows:
Units of X produced                                                                    18,000
                                                                                                       (£)
Direct materials purchased and used: 113 500kg                 442 650
Direct labour: 17 800 hours                                                     223 000
Variable production overhead incurred                                   56 000
Fixed production overhead incurred                                       104 000             
                                                                                                        825 650
You are required to:
a) Prepare a columnar statement showing, by element of cost the:
(i)    original budget;
(ii)    (ii) flexed budget;
(iii)    (iii) actual;
(iv)    (iv) total variances

(v)    b) (ii) Subdivide the variances for direct materials and direct labour shown in your answer to a) (i)to(iv) above to be more informative for managerial purposes.
(vi)     c) Identify the possible causes of the labour and material variances calculated in the above.
(2)Discuss the financial and non-financial (qualitative) issues that may arise when an organisation is considering the following decision making situations: It’s under the topic measuring relevant cost and revenue)
 1) Special selling price decisions:
2) Product mix decisions when capacity constraints exist.

(3) Discuses the topic covers Activity based Costing (ABC) and a lesser extent Activity Based Budgeting (ABB) and broken down into three sections to test the understanding of the subject, critical evaluate the need for effective budgeting systems, highlight the problems that may arise the implementation of that systems.

Accounting

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More Accounting: Questions & Answers

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