Answer the following questions 1. Splash LLC. furnishes the following particulars for preparation of its...
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Accounting
Answer the following questions 1. Splash LLC. furnishes the following particulars for preparation of its budgets for the year 2019: (10 marks) Amount (AED) Particulars 6,000,000 Sale of Gravity Pumps 3,000,000 Sale of Velocity Pumps 40% of sales Direct Material Cost 300,000 Direct Wages 9,000 per month Remuneration of factory manager 8 % on sales Stores and spares 200,000 Depreciation on plant and machinery 90,000 Light and power 200,000 Factory repairs and maintenance 10% on direct wages Other factory expenses 250,000 per annum Administrative, selling and distribution expenses The standard quantity and standard price of material to produce 'Product X' are as follows: Standard Quantity: 800 kgs Actual Quantity: 900 kgs Standard Price: AED 10/kg Actual Price: AED 12/kg Calculate: a. Material Cost Variance b. Material Price Variance c. Material Usage Variance
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