Calculate the variances and complete the Standard Costing Profit Statement
for Year 1
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Get Help Now!8. Read the following and answer on the worksheet provided.
McLaughlin Ltd uses standard costing. The following data relate to Year 1.
Budget Actual
Revenues:
Sales £700,000 £884,000
Selling Price per unit £35 £34
Costs:
Direct Materials
Kg per unit 0·5 –
Price per kg £10 –
Materials consumed – 13,000 kg
Total material cost – £128,700
Direct Labour
Hours per unit 1·2
Cost per hour £12
Hours worked 32,000
Total labour cost £400,000
Overheads
Variable £40,800 £45,000
Fixed £50,400 £70,000
All overheads are recovered at a rate per direct labour hour.
(a) Calculate the budgeted profit for Year 1.
(b) Calculate the actual profit for Year 1.
(c) Calculate the standard cost for actual sales for Year 1.
(d) Calculate the variances and complete the Standard Costing Profit Statement
for Year 1.
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