1. The following information relates to Emlu plc for Year 3.
Budget Actual
Costs
Materials: Quantity (kg) 50,000 55,000
Price per kg £5·00 £4·50
Direct labour: Hours 25,000 28,000
Total Cost £150,000 £210,000
Variable overhead £50,000 £49,000
Fixed overhead £80,000 £98,000
Revenues
Production/Sales in Units 20,000 24,000
Selling price per unit £80 £70
Variable overheads are recovered as a rate per direct labour hour.
Fixed overheads are recovered as a rate per unit produced.
(a) Calculate the budgeted profit for Year 3.
(b) Calculate the actual profit for Year 3.
(c) Calculate the total standard cost of actual sales for Year 3.
(d) Calculate the following variances.
(i) Sales Price;
(ii) Sales Volume;
(iii) Total Sales Revenue;
(iv) Materials Price;
(v) Materials Usage;
(vi) Total Materials Cost;
(vii) Labour Rate;
(viii) Labour Efficiency;
(ix) Total Labour Cost;
(x) Variable Overhead Expenditure;
(xi) Variable Overhead Efficiency;

(xii) Total Variable Overhead Cost;
(xiii) Fixed Overhead Expenditure;
(xiv) Fixed Overhead Volume;
(xv) Fixed Overhead Cost.
(e) For each of the following variances explain a reason for why it has occurred:
(i) Sales Price;
(ii) Sales Volume;
(iii) Materials Price;
(iv) Materials Usage;
(v) Labour Rate;
(vi) Labour Efficiency;
(vii) Fixed Overhead Volume;
(viii) Fixed Overhead Expenditure.

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