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Dear tutor i have a problem with this question below:
Direct material:2 meters of wool @ $ 625 per meter 1,250
Direct labor 4 hours @ $ 820 per hour 3,280
Cost per unit 4,530Budgeted selling price of each Ted bear is $ 6,250
200 Ted bears are expected to be produced and sold every month at $ 6,550 per Ted bear. Actual results for the month of April 2016 were as follows:Ted bears produced& sold (units) 180
Material purchases (meters) 400
Total cost of purchases($) 280,000
Direct labor ($) 540,000
Fixed costs($) 320,000Required:
1) Actual profit for the month of April 2016
2) Material price variance
3) Material usage variance
4) Sales price variance
5) Sales volume
6) Labor rate varianceI know all the formulae but my problem is getting the actuals in the second table.
You must have an answer in the same book in which you found the question, so ask about whatever it is in the answer that you are not clear about and then I will explain.
I have no idea what ‘table’ you are referring to, because you do not need a table.
The actual figures are all given in the question.
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