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Standard profit form actual sales?

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › Standard profit form actual sales?

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by John Moffat.
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  • September 22, 2021 at 12:30 pm #636303
    safwanstark99
    Member
    • Topics: 10
    • Replies: 6
    • ☆

    Hello John, i was practicing cbe sample exams and a question came up which asked me to find the budgeted profit and standard profit from actual sales was given, also given was sales price variance and sales volume variance. The answer only included the sales volume variance ignoring the price variance.

    However in the BPP study guide for F2 i have learned that standard profit from actual sales is obtained by deducting both sales volume variance and sales price variance. (BPP study text 2010, page 312)

    I am kinda confused and clarification would be helpful, thanks.

    September 22, 2021 at 2:47 pm #636321
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51543
    • ☆☆☆☆☆

    The only difference between the standard profit on actual sales and the budgeted profit is the sales volume variance.

    Obviously the actual profit on actual sales will also be affected by the sales price variance and all the cost variances.

    I do not have the BPP Study Text (only the Revision Kit) and so I cannot comment on what appears there.

    Have you watched my free lectures on variances? The lectures are a complete free course for Paper MA and cover everything needed to be able to pass the exam well.

    September 23, 2021 at 4:04 am #636342
    safwanstark99
    Member
    • Topics: 10
    • Replies: 6
    • ☆

    Thanks John, just to be clear standard profit from actual sales and actual sales minus standard cost of sales are same thing right?

    September 23, 2021 at 8:48 am #636352
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 51543
    • ☆☆☆☆☆

    No.

    The standard profit from actual sales is the actual sales at standard selling price less the standard cost of the actual sales.

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