Management Accounts Question: Variance Question?
I was wondering if someone could help me with a problem I'm having. The Q is as follows;
McCauleys Ltd uses a standard costing system and has produced the following production information for the month of June 2010.
Standard Actual
Sales (units) 10,000 10,000
Sales price per unit £30 £32
Materials Used (kg) 5,000 5,250
Materials Price (per kg) £7.50 £7.80
Labour Hours 12,500 13,650
Labour Rate (per hour) £10 £9.70
Fixed Production overhead £66,000 £69,400
I need to prepare a statement showing the budgeted profit and the actual profit for the month of June
Also I need to calculate,
* Sales Price margin
* Materials Usage
* Materials Price
* Labour Efficiency
* Labour rate
* Fixed overhead production
Thanks for your help! Just can'r get my head around it at all & trying to piece together a business plan when I figure how to actually work it out!