Extra MTQs

Sorry but I have no idea what you are asking about!

When we open F2 paper website page or click on it in opentution.com...we see these followings first: F2-Management Accounting (Full Exam) | F2 (Full Exam) Answers F2-Management Accounting (Extra MTQs) | F2 (Extra MTQs) Answers Paper F2 Examiner’s Reports F2 Examiner’s approach interview Computer-based exams – preparing for the experience I am talking about one of these options.I hope you can understand now.

They are links to ACCA resources and so we don't have lectures on those.

Thanks.But i have some problem to solve few questions in extra MTQs.Would you solve those questions?

Yes, if you say what the questions are (and assuming you have watched my free lectures) :-)

Prancer Co uses standard costing to control its costs and revenues.A standard cost card for its only product is given below together with a standard cost operating statement for last month: Standard cost card $per unit Selling price $per unit(150) Direct materials 2kg@$25/kg $per unit(50) Direct labour 3 hours@$10 per hour $per unit(30) Fixed overhead 2 hrs@$10 per hr $per unit(20) profit -50 Standard cost operating statement $ Budgeted profit -600000 Sales volume variance -60000(a) Standard profit on actuals sales -540000 Sales price variance -20000(f) 560000 Production cost variances: Material price -7500(f) Material usage -8000(a) labour rate -2000(a) Labour efficiency -500(f) Fixed overhead expenditure -7000(a) Fixed overhead volume -2000(a) Total-19000(a) -8000(f) 11000(a) actual profit -549000 Question1.How much production was less or more than budgeted? Question02.Materials caused the biggest cost variance,where a decision to pay (less or more than) standard price resulted in the company using (320 kg more than original,320kg less than original,320kg more than flexed,320kg less than flexed) budget.

The fixed overhead variance is 2,000 A, therefore the production must have been less than budgeted by 2,000 / 20 = 100 units. They paid less that the standard price for materials, because the price variance is favourable. They used 8,000 / 25 = 320kg more material than the flexed budget. My free lectures on variances will help you (they are a complete free course for Paper F2 and cover everything needed to be able to pass the exam well).

Thanks a lot.....

You are welcome :-)