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Need about 1200 words. My requirements. This assignment is consist of FIVE(5) parts each parts has a number questions. Please cover all question requirements Plagiarism level allowed 2% only otherwise...

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Need about 1200 words.
My requirements.
This assignment is consist of FIVE(5) parts each parts has a number questions. Please cover all question requirements

  1. Plagiarism level allowed 2% only otherwise it will not acceptable.(I will ask for refund and rejected).
  2. Please don’t use more than one website on reference.
  3. Need at least 3-4 Reference.
  4. Please write this assignment in depth (general writing not acceptable)
  5. Please use Harvard style.
  6. Referencing (in text citation) should be evident in the discussions.
  7. Free of plagiarism because my university using a very strike program in check called (TURNITIN) and its accurate.
  8. NOTE THAT THIS ASSIGNMENT IS FOR MASTER PROGRAMME PLEASE DOING YOUR BEST EFFORT TO GET A OR B GRADE.
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Answered Same Day Dec 23, 2021

Solution

Robert answered on Dec 23 2021
114 Votes
SMITHTON INC.
Month: MAY
Statement Showing Budgeted profit:
Particulars Calculation Amount (£)
No. of units [1,300]
Sales (A) 20 x 1300 26,000
Direct Material 6 x 1300 7,800
Direct Labour 5 x 1300 6,500
Fixed Overhead 2.50 x 1300 3,250
Total Cost (B) 17,550
Budgeted Profit (A-B) 8,450
Statement Showing Actual profit:
Particulars Amount (£)
No. of units [1,000]
Sales (A) 20,000
Direct Material 6,500
Direct Labour 5,250
Fixed Overhead 3,100
Total Cost (B) 14,850
Actual Profit (A-B) 5,150
Actual Quantity sold = Sales / Selling Price
(Assuming Selling Price to be the same)
= 20,000 / 20
= 1,000 units
Since their were no opening or closing inventories, hence the actual quantity produced and
consumed = 1,000 units.
Reconciliation Statement for the month of May:
PARTICULARS AMOUNT
(£)
Budgeted Profit 8,450
Sales Margin Variance
Sales Margin Volume Variance 1950 (A)
Sales Margin Price Variance Nil 1950 (A)
Profit Before Adjustment of Cost Variances 6500
Material Variances
Material Price Variance 200 (A)
Material Usage Variance 300 (A) 500 (A)
Labour Variances
Labour Rate Variance 150 (A)
Labour Efficiency Variance 100 (A) 250 (A)
Fixed Overhead Variance
FOH Expenditure Variance 150 (F)
FOH Volume Variance 750 (A) 600 (A)
Actual Profit 5,150
A
eviations Used for Calculations:
1. AQ = Actual Quantity
2. AP = Actual Price per unit
3. BQ = Budgeted Quantity
4. SP = Standard Price
5. SQap = Standard Quantity for Actual Production
6. SR = Standard Rate per Labour Hour
7. AH = Actual Labour Hours
8. AR = Actual Rate Per Labour Hour
9. SHap = Standard Labour Hours required for actual production.
1. LIST OF VARIOUS VARIANCES:

a) Sales Variances:

i) Sales Value Variance = (AQ x AP) – (BQ x SP)
= 20000 – 26000
= 6000 (A)
This variance exists when there is difference in the Budgeted Sales and Actual
Sales.
If Actual Sales > Budgeted Sales = Favourable
If Actual Sales < Budgeted Sales = Adverse
It can also be calculated by adding Sales Price Variance and Sales Volume
Variance
ii) Sales Price Variance = AQ (AP – SP)
= 1000 (20 – 20)
= Nil
This variance exists when there is difference in...
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