29 Jul QUESTION 3 25 MARKS HAVANA LIMITED PLANS
QUESTION 3 25 MARKS Havana Limited plans to sell 10 000 units during the period 1 October to 31 December 2016.Additional information is given below:Inventory levels are as follows: Completed productsRaw material XRaw material Y 30 September 20161 000 units10 000 kg8 000 kg 31 December 20162 000 units5 000 kg10 000 kg All inventory is issued according to the FIFO methodThree labour hours are needed to manufacture one completed unit. Workers earn N$20 perhourThe cost of raw material X is N$1.35 per kg. Raw material Y is purchased at N$0.50 per kgTwo kg of raw material X and Three kg of raw material Y are required for the production ofone unit of the finished productManufacturing overhead costs are allocated at a rate of N$6 per direct labour hourFinished products are sold at N$150 per unit REQUIRED: Using The Information Above Prepare The Following Budgets3.13.23.33.43.5 Sales BudgetProduction BudgetRaw Materials Purchases BudgetLabour BudgetClosing Inventory Budget (All Closing Inventories)Cost of Goods Manufactured and Cost of Goods Sold Budget3.6Value for the last quarterTOTAL MARKS FOR QUESTION 3 MARKS24634 in total 625 QUESTION 4 25 MARKS Tsumeb Leather Cc manufactures and sells a single product and uses a standard costingsystem. The standard costs were set as follows for the current accounting period:N$40 Kg of Material @ N$2.5 60 000 25 hours of Direct Labour @ N$3.8 107.50 Overheads: 30 Machine Hours at N$2.5 75.00 Standard Cost 242.50 Actual Results:Material Purchased: 90 000 Kg @ N$2.55 per Kg (all Material Purchased was Issued toproduction)Direct Labour Cost: 54 000 Hours @ N$4 per hourActual Overheads cost: N$ 20 000Credit Sales: 1950 units @ N$350.00 per unit2000 units were produced. REQUIRED: Calculate The Following:4.1Material Price Variance4.2Material Quantity Variance4.3Labour Rate Variance4.4Labour Efficiency Variance4.5Give any three reasons that cause labor rate variance obtained in 5.34.6List any three advantages of standard costingTOTAL MARKS FOR QUESTION 4 MARKS44446325
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