FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
II. HB Corporation in Delaware, U.S., makes and sells a single product. The company operates a standard costing system and a just-in-time purchasing and production system. No inventory of raw materials or finished goods is held. Details of the budget and actual data for the previous period are given below: Budget data Standard production costs per unit (currency in U.S. dollar, $): 8kg at the rate of $10.80 per kg 1.25 hours at the rate of $18.00 per hour Variable overheads 1.25 hours at the rate of $6.00 per direct labor hour Direct material 86.40 Direct labor 22.50 7.50 Standard selling price: $180 per unit Budgeted fixed production overheads: $170 000 Budgeted production and sales: 10 000 units Actual data Direct material: 74 000kg at the rate of$11.20 per kg Direct labor: 10,800 hours at the rate of $19.00 per hour Variable overheads: $70,000 Actual selling price: $184 per unit Actual fixed production overheads: $168 000 Actual production and sales: 9000 units Requirements 2. Explain why the variances used to reconcile profit in a standard costing system are different from those used in a standard absorption costing system.
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Transcribed Image Text:II. HB Corporation in Delaware, U.S., makes and sells a single product. The company operates a standard costing system and a just-in-time purchasing and production system. No inventory of raw materials or finished goods is held. Details of the budget and actual data for the previous period are given below: Budget data Standard production costs per unit (currency in U.S. dollar, $): 8kg at the rate of $10.80 per kg 1.25 hours at the rate of $18.00 per hour Variable overheads 1.25 hours at the rate of $6.00 per direct labor hour Direct material 86.40 Direct labor 22.50 7.50 Standard selling price: $180 per unit Budgeted fixed production overheads: $170 000 Budgeted production and sales: 10 000 units Actual data Direct material: 74 000kg at the rate of$11.20 per kg Direct labor: 10,800 hours at the rate of $19.00 per hour Variable overheads: $70,000 Actual selling price: $184 per unit Actual fixed production overheads: $168 000 Actual production and sales: 9000 units Requirements 2. Explain why the variances used to reconcile profit in a standard costing system are different from those used in a standard absorption costing system.
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