Question 2 Opal Limited operates a standard costing system which provides the following data relating to period 1 of 20X

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Question 2
Opal Limited operates a standard costing system which provides
the following data relating to period 1 of 20X1: Variable
overhead:
Budget
RM140, 000
Actual
Fixed overhead:
RM126, 750
Budget
RM30, 000
Actual
RM31, 250
Budgeted production
20,000 units
Production time:
Hours
Budget
100, 000
Actual
90, 000
The production achieved in Period 1 was 18, 800 units.
Calculate:
Question 3
The standard production costs per unit of a company’s single
product in a period were:
Direct materials
RM
M01

6 kg at RM3 per kg
18.00
M02

4 meters at RM2 per meter
Direct labour
8.00
Grade A 4 hours
at RM8 per hour
32.00
Grade B 2
hours at RM10 per hour
20.00
Fixed overheads
22.00
100.00
Budgeted production for this period was 1, 100 units.
Actual production and costs relating to this period were as
follows:
Production 1, 200 units
Direct materials Purchases:
M01

7, 320 kg purchased at a total cost of RM22, 960
M02

4, 680 meters purchase at a total cost of RM9, 160
Issues to production
M01

7, 100 kg
M02

4, 600 meters
Direct labour
Grade A
4, 750 hours worked at a total cost of RM37, 500
Grade B
2, 500 hours worked at a total cost of RM26, 500
Fixed production overheads incurred: RM24, 000
At the beginning of the period, the following quantities of raw
material were in stock:
M01

200kg
M02

120 meters
There were no stocks of work-in-progress at the beginning or end
of the period.
The company’s policy is to extract price variances at the time
of purchase.
Required:
For the period, calculate the total variances:
Question 4
Comberton plc manufactures a single product. The budget
for 202X includes the following:
Monthly sales/ production
400 units
Standard selling price per unit
RM285
Standard cost per unit
RM248
In Month 4, the actual results were as follows:
Sales/ production

390 units
Sales revenue

RM111, 930
Total cost

RM96, 330
Required:
Calculate the following variances for Month 4: