TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers' specific requirements. The standard cost per unit of its most popular cake is as follows:The general market prices at the time of purchase for Ingredient A and Ingredient B were $23 per kg and $20 per kg respectively. TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.What was the material price planning variance for ingredient B?
Answer(s): A
A company operates a standard costing system.The company combines two raw materials in a process in order to produce a finished product. During month 6 the direct material mix variance was favourable and the direct material yield variance was adverse.Which of the following statements would explain both of the variances?
CORRECT TEXTXY sells two products for which the budgeted contribution to sales ratios are as follows:Total budgeted sales revenue is $920,000, of which $368,000 will be generated by product X. The products must be sold in a constant mix.Budgeted fixed costs are $105,000.What is the budgeted breakeven sales revenue?Give your answer to the nearest $.
A company is forecasting sales volume using time series analysis. The following equation has been derived from past data and is considered to be a reliable predictor of future sales volume:y = 20,000+80xWhere y is the total sales units each quarter and x is the time period (the first quarter of year 1 is time period 1).The following set of seasonal variations for each quarter has been calculated using the additive model.What is the forecast sales units for the second quarter of year 3?
A company has budgeted to produce 5,000 units of Product B per month. The opening and closing inventories of Product B for next month are budgeted to be 400 units and 900 units respectively. The budgeted selling price and variable production costs per unit for Product B are as follows:Total budgeted fixed production overheads are $29,500 per month.The company absorbs fixed production overheads on the basis of the budgeted number of units produced. The budgeted profit for Product B for next month, using absorption costing, is $20,700.Prepare a marginal costing statement which shows the budgeted profit for Product B for next month.What was the marginal costing profit for the next month?
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