- All Exams Instant Download
What is the total direct material price variance (to the nearest whole number)?
Refer to the Exhibit. Fabex Ltd manufactures a household detergent called "Clear". The standard data for one of the chemicals used in production (chemical XTC) is as follows: (a) 50 litres used per 100 litres of 'Clear' produced (b) Budgeted monthly production is 1000 litres of 'Clear'. The closing inventory...
CORRECT TEXT
CORRECT TEXT Refer to the Exhibit. PJ Ltd has forecast that the relationship between total overheads and machine hours will be as follows: If the budget is to be based on 4,000 machine hours, the variable overhead absorption rate will be: *per machine hour. Give your answer to 2 decimal...
An overtime premium may be defined as:
An overtime premium may be defined as:A . The rate of pay at which overtime hours are paidB . A premium paid to workers with special skillsC . The additional payment made during overtime hoursD . The total number of overtime hours workedView AnswerAnswer: C
What was the budgeted level of overheads?
A company operates an absorption costing system. Overheads are absorbed using a pre-determined absorption rate using labour hours. In the period actual labour hours were 10,600, 400 hours below budget. Actual overheads for the period were £234,680 and there was an under-absorption of overheads of £1,480. What was the budgeted...
Refer to the exhibit.
Refer to the exhibit. Budget information for 'Crome Ltd' is as follows: The budgeted cost allowance for the sale of 1000 units would be:A . £25,846B . £30,000C . £32,000D . £48,000View AnswerAnswer: B
Within a relevant range of output, the variable cost per unit of output will:
Within a relevant range of output, the variable cost per unit of output will:A . Increase as output increasesB . Reduce as output increasesC . Remain constant as output increasesD . Be impossible to tell without further informationView AnswerAnswer: C
Which THREE of the following are characteristics of job costing?
Which THREE of the following are characteristics of job costing?A . It is appropriate where homogeneous products are manufacturedB . It is only appropriate in manufacturing environmentsC . Costs are traced to separately identifiable cost unitsD . It cannot be applied in a public sector or not for profit organizationE...
SP Limited operates an absorption costing system. It uses a predetermined overhead absorption rate based on machine hours. Budgeted factory overheads for the year were £1,080,000 but actual overhead incurred was £1,046,000. Budgeted machine hours were 120,000 and actual machine hours were 119,000.
SP Limited operates an absorption costing system. It uses a predetermined overhead absorption rate based on machine hours. Budgeted factory overheads for the year were £1,080,000 but actual overhead incurred was £1,046,000. Budgeted machine hours were 120,000 and actual machine hours were 119,000. Overheads for the period were.A . Under-absorbed...
CORRECT TEXT
CORRECT TEXT A product sells for £10 per unit and has an annual break-even volume of 50,000 units. The annual fixed costs are £100,000. The variable cost per unit is: Give your answer to 2 decimal places.View AnswerAnswer: £8.03
In an integrated cost and financial accounting system, the accounting entries for the payment of net wages to indirect production workers would be:
In an integrated cost and financial accounting system, the accounting entries for the payment of net wages to indirect production workers would be:A . Debit: Bank accountCredit: Wages control accountB . Debit: Work in progress control accountCredit: Bank accountC . Debit: Wages control accountCredit: Bank accountD . Debit: Production overhead...
