A company manufactures three joint products and one by-product from a single process.
Data for May are as follows.
Opening and closing inventories Nil
Raw materials input $180,000
Conversion costs $50,000
Output Units Sales price $ per unit
Joint product L 3,000 32
M 2,000 42
N 4,000 38
By-product R 1,000 2
By-product sales revenue is credited to the sales account. Joint costs are apportioned on a sales value basis.
What were the full production costs of product M in May (to the nearest $)?
No costs are apportioned to the by-product. The by-product revenue is credited to the sales account, and so does not affect the process costs.
Apportioned
Units Sales value cost
$ $
L 3,000 (x $32) 96,000 ($230,000 x 96/332) 66,506
M 2,000 (x $42) 84,000 ($230,000 x 84/332) 58,193
N 4,000 (x $38) 152.000 ($230,000 x 152/332) 105,301
332,000 230,000
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A company uses a standard absorption costing system. Last month budgeted production was 8,000 units and the standard fixed production overhead cost was $15 per unit. Actual production last month was 8,500 units and the actual fixed production overhead cost was $17 per unit.What was the total adverse fixed production overhead variance for last month?
A cost centre had an overhead absorption rate of $4.25 per machine hour, based on a budgeted activity level of 12,400 machine hours.In the period covered by the budget, actual machine hours worked were 2% more than the budgeted hours and the actual overhead expenditure incurred in the cost centre was $56,389.What was the total over or under absorption of overheads in the cost centre for the period?
Which of the following would help to explain a favourable direct labour efficiency variance?
(i) Employees were of a lower skill level than specified in the standard
(ii) Better quality material was easier to process
(iii) Suggestions for improved working methods were implemented during the period
Which of the following statements is correct?
The following information relates to labour costs for the past month:
Budget Labour rate $10 per hour
Production time 15,000 hours
Time per unit 3 hours
Production units 5,000 units
Actual Wages paid $176,000
Production 5,500 units
Total hours worked 14,000 hours
There was no idle time.
What were the labour rate and efficiency variances?
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