HOMEWORK. 1,40,000 20,000 (4,20,000 4,00,000) = 84,000 (F) WN 2: Calculation of effect on profit due to increase in market share
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1 A.1. A.2. HOMEWORK WN 1: Calculation of effect on the profit due to market size Increasein profitduetogrowth = Growth in unitsdueto size increase Growth in units(total) 1,40,000 = 12,000(4,00,0003%) 20,000 (4,20,000 4,00,000) = 84,000 (F) WN 2: Calculation of effect on profit due to increase in market share = 1,40,000 8, 000 = 56,000 20,000 WN 3: Calculation of effect on profit due to product differentiation Amount Increase in profit due to market share (WN 2) 56,000 Increase in profit due to changes in price (given) 1,64,000 2,20,000 Operating statement showing the effect of size, productivity and product differentiation on the profit of 2016 Amount Profit of ,80,000 (+) Increase in profit due to market size increase (WN 1) 84,000 (+) Increase in profit due to productivity factor (given) 58,000 (+) Increase in profit due to product differentiation (WN 3) 22,000 14,42,000 WN 1: Calculation of standard hours for actual days = 1,86,000hours = 15,500 hours 12months WN 2: Calculation of actual hours = 22 days 100 workers 8 hours = 17,600 hours WN 3: Calculation of standard hours for actual output = X Y (1200 8) (800 12) = 19,200 hours Now, ActualHours 17,600 Capacity Ratio = 100= 100 = % Std.hrs.foractualdays 15,500 Std.hrs.for ActualOutput 19,200 Efficiency Ratio = 100 = 100 = % ActualHours 17,600 Std.hoursfor ActualOutput 19,200 Volume Ratio/Activity Ratio = 100= 100 = % Std.hoursfor ActualDays 15,500 Inter-relationship: Volume Ratio = Capacity Ratio Efficiency Ratio= % %= % 1
2 A.3. PRIME VISION / C.A. FINAL / ADVANCED MANAGEMENT ACCOUNTING / Material Statement Given Std. Comparable Std. (1 unit) (6,000 units) (6,000 units) Type Qty. Qty. Rate Amt. Qty. Rate Amt. (6,000 2) , ,000 12, ,219 MCV = SC AC = (72,000 72,219) MCV = 219 (A) MPV = (SR AR) AQ = (6 5.7) 12,670 MPV = 3,801 (A) MUV = (SQ AQ) SR = (12,000 12,670) 6 MUV = 4,020 (A) Labour and variable overhead statement Given Std. Comparable Std. (1 unit) (6,000 units) (6,000 units) Type Hours Hours Rate Amt. Hours Rate Amt. DL 1 6, ,400 6, ,950 (6,000 1) (WN 1) (27,950/6,500) VOH 1 6, ,000 6, ,475 (6,000 1) (WN 1) (20,475/6,500) WN 1: Calculation of Actual Hours VOH Eff. V = (SH AH) SR - 1,500 = (6,000 AH) = 6,000 AH AH = 6,500 LCV = SLC ALC = 26,400 27,950= 1,550 (A) LRV = (SR AR) AH = ( ) 6,500= 650 (F) LEV = (SH AH) SR = (6,000 6,500) 4.40= 2,200 (A) VOHCV = SVOHC AVOHC = 18,000 20,475= 2,475 (A) VOH Exp. V = (SR AR) AH = (3 3.15) 6,500= 975 (A) VOH Eff. V = (SH AH) SR = (6,000 6,500) 3= 1,500 (A) A.4. a) Calculation of total no. of workers in each category Labour Rate Variance for semi-skilled workers is 160 (F) LRV = (SR AR) AH 160 = (3 2) AH AH = 160 hours In a week, each workers works for 40 hours No. of semi-skilled workers = 160/40 = 4 No. of unskilled workers = Half of semi-skilled = 2 Total no. of workers = = 3 skilled workers 2
3 A.5. PRIME VISION / C.A. FINAL / ADVANCED MANAGEMENT ACCOUNTING / Labour Statement Given Std. Comparable Std. (360 Std. Hours) (270 Std. Hours) (270 Std. Hours) Type Hours Hours Rate Amt. Hours Rate Amt. Skilled (4 40) (270/360160) (340) Semi-skilled (340) (270/360120) (440) Unskilled (240) (270/36080) (240) Total , ,320 LCV = (SLC ALC) = 1,050 1,320 = 270 (A) LRV = (SR AR) AH Skilled = (6 7) 120 = 120 (A) Semi = (3 2) 160 = 160 (F) Unskilled = (1 2) 80 = 80 (A) 40 (A) LEV = (SH AH) SR Skilled = ( ) 6 = 0 Semi = (90 160) 3 = 210 (A) Unskilled = (60 80) 1 = 20 (A) 230 (A) LMV = (Given Mix AH) SR Skilled = ( ) 6 = 240 (F) Semi = ( ) 3 = 120 (A) Unskilled = (80 80) 1 = (F) LNEV = (TSH- TAH) Std. Avg. Rate = ( ) 1,050/270= 350 (A) Note: 1) While calculating LMV, there is no need to calculate the Revised Standard Mix because the given mix is already comparable with the actuals. 2) In the said question, output is not expressed in real terms but it is expressed in terms of equivalent std. hours and as per the standards if one hour is worked output should be equal to one standard hour. Material Statement Given Std. Comparable Std. (1 unit) (8,000 units) (8,000 units) Qty. Qty. Rate Amt. Qty. Rate Amt. 2 16, ,20,000 16, ,96,000 (16,00020) (3,96,000/16,500) MCV = SC AC = 3,20,000 3,96,000= 76,000 (A) MPV = (SR AR) AQ= (20 24) 16,500= 66,000 (A) MUV = (SQ AQ) SR = (16,000 16,500) 20= 10,000 (A) 3
4 Labour Statement Given Std. Comparable Std. (1 unit) (8,000 units) (8,000 units) Type Hours Hours Rate Amt. Hours Rate Amt. Labour 20 1,60, ,20,000 1,70, ,46,800 (1,60,0002) (3,46,800/1,70,000) VOH 20 1,60, * 64,000 1,66, ,000 LCV = SLC ALC= 3,20,000 3,46,800= 26,800 (A) LRV = (SR AR) AH= (2 2.04) 1,70,000= 6,800 (A) (Net hrs.) (60,000/1,66,000) (1,70,000-4,000) LEV = (SH AH) SR= (1,60,000 1,70,000) 2= 20,000 (A) VOHCV = SVOHC AVOHC= 64,000 60,000= 4,000 (F) VOH Exp. V = (SR AR) AH= ( ) 1,66,000= 6,400 (F) VOH Eff. V = (SH AH) SR= (1,60,000 1,66,000) 0.4= 2,400 (A) Idle Time Variance = Idle Hours SR= 4,000 2= 8,000 (A) LNEV = (TSH TAH) Std. Avg. Rate= (1,60,000 1,66,000) 2= 12,000 (A) Fixed Overhead Statement Standards Standard Calculations Unit 10,000 8,000 1 unit = 20 Overhead 2,00,000 1,84,000 1 hour = 1 (10,000 20) 1 unit = 20 hours Hours 2,00,000 1,70,000 8,000 1,60,000 10,000 (?) Idle Hrs. - 4,000 FOH Cost Variance FOHCV = 24,000 (A) FOH Exp. Variance FOH Volume Variance FOH Capacity Variance = FOH recorded FOH incurred = [(8,000 20) 1,84,000] = Std. FOH Actual FOH = 2,00,000 1,84,000 = 16,000 (F) = (SQ AQ) Std. Recovery Rate per unit = (10,000 8,000) 20= 40,000 (A) = (Std. hours for Actual Day AH) Std. Recovery Rate per hour = (2,00,000 1,70,000) 1= 30,000 (A) FOH Efficiency Variance = (Std. hrs. for A.O. AH) Std. Recovery Rate per hour Idle Time Variance = [(8,000 20) 66,000) 1= 6,000 (A) = Idle Hours Std. Recovery Rate per hour = 4,000 1= 4,000 (A) 4
5 A.6. Sales Statement Given Standard Standards (1 year) (1 year) Type Qty. Qty. SP Amount Qty. SP Amount , ,00,000 8, ,20,000 (11,20,000/8,000) Sales Value Variance Sales Price Variance Sales Volume Variance = Std. Sales Value Actual Sales Value = 14,00,000 11,20,000 = 2,80,000 (A) = (Std. SP Actual SP) A.Q. = ( ) 8,000 = Nil = (SQ AQ) Std. SP (Impact on Sales) = (10,000 8,000) 140 = 2,80,000 (A) Sales Volume Variance = (SQ AQ) Std. Profit per unit (Impact on profit) = (10,000 8,000) 32 (given) = 64,000 (A) Reconciliation Statement reconciling the standard profit with actual profit Amount Standard Profit (32 10,000) 3,20,000 Add/(Less): Variances Material Price Variance (66,000) Material Rate Variance (10,000) Labour Rate Variance (6,800) Idle Time Variance (8,000) Labour Net Efficiency Variance (12,000) Variable OHs Expenditure Variance 6,400 Variable OHs Efficiency Variance (2,400) Fixed OHs Expenditure Variance 16,000 Fixed OHs Capacity Variance (30,000) Fixed OHs Efficiency Variance (6,000) Idle Time Variance (4,000) Sales Price Variance Nil Sales Volume Variance (Impact on Profit) (64,000) Actual Profit 1,33,200 Material Statement Given Standard 1 unit (4,000 units) (4,000 units) Type Kgs. Qty. Rate Amount Qty. Rate Amount - 3 kgs. 12, ,000 12, ,625 (WN 1) (WN 3) 5
6 WN 1: Calculation of Actual Quantity Consumed MUV = (SQ AQ) SR - 2,500 = (12,000 AQ) S = 12,000 AQ = 12,500 WN 2: Calculation of Actual Qty. of Material Purchased MPV = (SR AR) AQ Purchased - 3,250 = (5 AR) AQP - 3,250 = 5 AQP AR. AQP - 3,250 = 5 AQP 68,250 5AQP = 65,000 = 13,000 WN 3: Calculation of Actual Purchase Price/Kg. 68,250 Ar = = 5.25 kgs. 13,000 Methods of Calculating Material Price Variance 1) Partial Plan: Under this method/plan, material price variance is always calculated on the actual quantity of material consumed in that particular period irrespective of the actual quantity purchased. MPV = (SR AR) Actual Quantity Consumed 2) Single Plan: Under this method, material price variance is always calculated on the actual quantity of material purchase in that particular period irrespective of whether the entire quantity purchases has been consumed or not in that period. Labour Statement Given Standard (1 unit) MPV = (SR AR) Actual Quantity Purchased (4,000 units) (4,000 units) Type Hours Hours Rate Amount Hour Rate Amount , ,000 1, ,900 (WN 4) (WN 5) WN 4: Calculation of Actual Hours LEV = (SH AH) SR 2,000 = (2,000 AH) 20 = 1,900 hrs. WN 5: Calculation of AR per hour LRV = (SR AR) AH - 1,900 = (20 AR) 1,900-1 = 20 AR AR = 21 6
7 A.7. PRIME VISION / C.A. FINAL / ADVANCED MANAGEMENT ACCOUNTING / i) Standard Direct Labour allowed for actual output achieved = 2,000 hours ii) Actual Direct Labour allowed = 1,900 hours iii) Actual Direct Labour Rate = 21 iv) Standard Quantity of Direct Material allowed (in kgs.) = 12,000 kgs. v) Actual Quantity of Direct Material used (in kgs.) = 12,500 kgs. vi) Actual Quantity of Direct Material purchased (in kgs.) = 13,000 kgs. vii) Actual Material Price per kg. = 5.25 Sales Statement Standards (1 year) (1 year) Type Qty. SP Amount Qty. SP Amount - 6,00, crores 7,00, crores 6 crores (assumed) 7.70 crores (100+10%) Sales Price Variance = (Std. SP Actual SP) AQ = ( ) 7,00,000 = 70 lacs (F) Sales Volume Variance = (SQ AQ) Std. Profit p.u. (Impact on Profit) = (6,00,000 7,00,000) 40,00,000 = 6,66,667 (F) 6,00,000 Material Statement Given Std. (6 lac units) (7,00,000 units) (7,00,000 units) Qty. Qty. Rate Amount Qty. Rate Amount 1,20,000 1,40, crores 1,35, crores 3crores 1,40, Cr. 1,20,00 Rs.250 1,35,00 MPV = (SR AR) AQ = ( ) 1,35,000 = 13,50,000 (F) MUV = (SQ AQ) SR = (1,40,000 1,35,000) 250 = 12,50,000 (F) Labour Statement & Variable Overhead Statement Given Std. (6 lac units) (7,00,000 units) (7,00,000 units) Hours Hours Rate Amount Hours Rate Amount DL 24 lacs 28 lacs crores 26 lacs crores 1.2 crores 24 lacs 28 lacs lacs Cr. VOH 24 lacs 28 lacs 2.5 7,00, lacs ,00, lacs 24 lacs 28 lacs Rs lacs 26 lacs 7
8 A.8. PRIME VISION / C.A. FINAL / ADVANCED MANAGEMENT ACCOUNTING / LRV = (SR AR) AH = (S ) 26,00,000= 7,00,000 (A) LEV = (SH AH) SR = (28,00,000 26,00,000) 5= 1,00,000 (F) VOH Expd. Variance = (SR AR) AH = ( ) 26,00,000= 4,00,000 (A) VOH Efficiency Variance = (SH AH) SR= (28,00,000 26,00,000) 2.5= 5,00,000 (F) Fixed Overhead Statement Standards Actual Std. Calculations (1 year) (1 year) Overhead 8,00, crores 1 unit = Units 6,00,000 7,00,000 FOH Expd. Variance = Std. FOH Actual FOH= 80,00,000 15,00,000 FOH Expd. Variance = 70,00,000 (A) FOH Volume Variance = (SQ AQ) Std. Recovery Rate per unit = (6,00,000 7,00,000) = 13,33,333 (F) Reconciliation Statement reconciling the Budgeted & Actual Profit Amount Budgeted Profit 40,00,000 Add/(Less: Variances Sales Price Variance 70,00,000 Sales Volume Variance 6,66,667 Material Price Variance 13,50,000 Material Usage Variance 12,50,000 Labour Rate Variance (7,00,000) Labour Efficiency Variance 10,00,000 VOH Expd. Variance & VOH Eff. Variance (56,66,667) FOH Expd. Variance & FOH Volume Variance 90,00,000 Sales Statement Standards (1 month) (1 month) Type Qty. SP Amount Qty. SP Amount - 20, ,00,000 14, ,000 8, ,000 Sales Volume Variance = (SQ AQ) Std. Profit p.u. (Impact on profit) Sales Price Variance = (20,000 22,000) = 2,000 (F) 20,000 20,000 = (Std. SP Actual SP) AQ (Impact on profit) = [(5 5) 14,000] + (5 4.75) 8,000] = 2,000 (A) 22,000 1,08,000 8
9 Material Statement Given Standard (20,000 units) (24,000 units) (24,000 units) Type Qty. Qty. Rate Amount Qty. Rate Amount A 10,000 12, ,600 16, ,200 B 10,000 12, ,400 10, ,000 20,000 24,000 12,000 26,000 11,200 Material Price Variance = (SR AR) AQ A = ( ) 16,000 = 1,600 (F) B = ( ) 10,000 = 1,000 (A) 600 (F) MUV = (SQ AQ) SR A = (12,000 16,000) 0.30 = 1,200 (A) B = (12,000 10,000) 0.70 = 1,400 (F) = 200 (F) Revised Mix 12,000 A = 26, 000 = 13,000 units 24,000 12,000 B = 26, 000 = 13,000 units 24,000 MMV = (Revised Mix Actual Mix) SR A = (13,000 16,000) 0.30 = 900 (A) B = (13,000 10,000) 0.70 = 2,100 (F) = 1,200 (F) MYV = (TSQ TAQ) Std. Avg. Rate = (24,000 26,000) = 1,000 (A) Labour Statement Given Standard (20,000 units) 12,000 24,000 (24,000 units) (24,000 units) Net Hours Type Hrs. Hours Rate Amount Hours Rate Amount Hours S 9,000 10, ,400 13, ,350 12,000 (13,000-1,000) U 5,200 6, ,600 6, ,380 6,300 LRV = (SR AR) AQ 14,200 17,040 48,000 54,730 18,300 Skilled = (3 2.95) 13,000 = 650 (F) Unskilled = ( ) 6,300 = 630 (A) 20(F) 9
10 Idle Time Variance = Idle Hours SR (Skilled) = 1,000 3 = 3,000 (A) Net Efficiency Variance = (TSH TAH) Std. Avg. Rate Revised Mix = (17,040 18,300) 10,800 Skilled = 18, 300 = 11,599 17,040 6,240 Unskilled = 18, 300 = 6,701 17,040 LMV = (Revised Mix Actual Mix) SR Skilled = (11,599 12,000) 3 = 1,203 (A) Unskilled = (6,701 6,300) 2.5 = 1, (F) (A) LMV 201 (A) Variable Overhead Statement Type (20,000 units) (24,000 units) 48,000 = 3,549 (A) 17,040 (24,000 units) Qty. Qty. Rate Amount Qty. Rate Amount 20,000 24, ,000 24, ,000 VOH Expd. Variance = (SR AR) AQ VOH Expd. Variance = 3,000 (A) = ( ) 24,000 Note: Variable overhead statement is generally prepared for the same no. of hours for which the labour statement is prepared but in this question workers are of two types & hence the total no. of hours to be taken in the statement becomes difficulty because out of skilled & unskilled hours there may be some common hours & some uncommon hours, also information of which is not given in question. Hence, the statement is prepared by taking quantity as base instead of hours. Fixed Overhead Statement Standards (1 month) (1 month) Std. Calculations Fixed Overhead 20,000 18,020 1 unit = 1 Units 20,000 24,000 Hours - - (Two types of workers so, writing hours is not possible) Fixed OHs Expd. Variance = Std. FOH Actual FOH = 20,000 18,020 FOH Expd. Variance = 1,980 (F) Fixed OHs Volume Variance = (SQ AQ) Std. RR per unit = (20,000 24,000) 1 FOH Volume Variance = 4,000 (F) 10
11 Reconciliation Statement reconciling the Budgeted & Actual Profit Amount Standard Profit 20,000 Add/(Less: Variances Sales Volume Variance 2,000 Sales Price Variance (2,000) Material Price Variance 600 Material Mix Variance 1,200 Material Yield Variance (1,000) Labour Rate Variance 20 Idle Time Variance (3,000) Net Efficiency Variance (3,549) Labour Mix Variance (201) Variable Overhead Expd. Variance (3,000) Fixed Overhead Expd. Variance 1,980 Fixed Overhead Volume Variance 4,000 Actual Profit 17,050 A.9. WN 1: Calculation of Raw Material Consumed (Qty.) A B Opening Qty (+) Purchases 800 1,200 (-) Closing Qty. (5) (50) RM Consumed 830 Kgs. 1,190 Kgs. WN 2: Calculation of Break up of Raw Material Consumed (assuming FIFO Method) A 830 Kgs. B 1,190 Kgs. 35 kgs. 795 kgs. 40 kgs. 1,150 kgs. Rate (SR) 3,400 Rs. 800 kgs. (SR) Rs.3,000 1,200 kgs. Note: Since the rates for opening stock are not given in question hence their rates are assumed to be the same as the Standard Rates. (Because standard for future are normally based on past actual figures) 11
12 Material Statement Given Standard (85 kgs.) s (1,700 kgs.) (1,700 kgs.) Type Qty. Qty. Rate Amount Qty. Rate Amount A , , B 60 1, , , ,875 Input 100 2,000 6,800 2,020 6, (-) Loss (15%) (15) (300) - (320) - MCV MPV A Output 85 1,700 6,800 1,700 6, = Standard Cost Actual Cost = (6,800 6,513.75) = (F) = (SR AR) AQ = (4 4.25) 795 = (A) B = (3 2.5) 1,150 = 575 (F) (F) MUV = (SQ AQ) SR A = ( ) 4 = 120 (A) B = (1,200 1,190) 3 = 30 (F) 90 (A) Revised Standard Mix A = 800 2, 020 = 808 kgs. 2,000 1,200 B = 2, 020 = 1,212 kgs. 2,000 MMV = (Revised SM AM) SR A = ( ) 4 B = (1,212 1,190) 3 MYV = 88 (A) = 66 (F) 22 (A) = (TSQ TAQ) Std. Avg. Rate = (2,000 2,020) Reconciliation: MCV = MPV + MUV = (F) + 30 (A) = (F) MUV = MMV + MYV = 22 (A) + 68 (A) = 90 (A) 6,800 = 68 (A) 2,000 12
13 A.10. WN 1: Calculation of Std. Contribution per unit = = Standard Contribution Standard Units 15,00,000-12,00,000 = 50 6,000 units WN 2: Calculation of Std. Market Size = Co.'s ExpectedSalesQty. Co.'s ExpectedMarketShare 6,000 = = 50,000 units 12% WN 3: Calculation of Co. s Actual Market Share ActualUnitsSold = 100 ActualMarketSize 6,400 = 100 = % 60,000 Sales Statement Type Standards (1 Quarter) (1 Quarter) Qty. SP Amount Qty. SP Amount - 6, ,00,000 6, ,96,000 Sales Variances (Impact on Contribution) Market Size Variance = [(Std. Market Size Actual Market Size) Co. s Std. Market Share) Std. Avg. Contribution p.u. = [(50,000 60,000) 12%] 50 MS iv = 60,000 (F) Market Share Variance = [(Co. s Std. Market Share Co. s Actual Market Share) Actual Market Size] Std. Avg. Contribution p.u. = [(12% %) 60,000] 50 MS iiv = 40,000 (A) Sales Volume Variance = (SQ AQ) Std. Cont. p.u. = (6,000 6,400) 50 = 20,000 (F) Sales Price Variance = (Std. SP Actual SP) AQ = ( ) 6,400 = 96,000 (F) Material Statement Given Std. (6,000 units) (6,400 units) (6,400 units) Qty. Qty. Rate Amount Qty. Rate Amount 30,000 32, ,56,000 36, ,70,000 13
14 MCV = SC AC = 2,56,000 2,70,000 MCV = 14,000 (A) MPV = (SR AR) AQ = (8 7.50) 36,000 MPV = 18,000 (F) MUV = (SQ AQ) SR = (32,000 36,000) 8 MUV = 32,000 (A) Labour Statement Given Std. (6,000 units) (6,400 units) 14 (6,400 units) Hours Hours Rate Amount Hours Rate Amount 60,000 64, ,84,000 65, ,16,000 LEV = (SH AH) SR = (64,000 65,000) 6 = 6,000 (A) 4,16, LRV = (SR AR) AH = (6 6.4) 65,000 = 26,000 (A) Variable Overhead Statement Given Std. (60,000 units) (64,000 units) (64,000 units) Hours Hours Rate Amount Hours Rate Amount 60,000 64, ,40,000 65, ,48,000 64, VOH Exp. Variance = (SR AR) AH = ( ) 65,000 = 2,000 (F) 6,48,000 65,000 VOH Efficiency Variance = (SH AH) SR = (64,000 65,000) 10 = 10,000 (A) Reconciliation Statement reconciling the budgeted contribution & actual contribution Amount Budgeted Contribution 3,00,000 Add/(Less: Variances Material Price Variances 18,000 Material Usage Variances (32,000) Labour Efficiency Variance (6,000) Labour Rate Variance (26,000) VOH Exp. Variance 2,000 VOH Efficiency Variance (10,000) Sales Price Variance 96,000 Market Share Variance (40,000) Market Size Variance 60,000 Actual Profit 3,62,000 (16,96,000 13,34,000)
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Critics are most welcome Feedback : please forward your feedback to PHONE : 7569989230 by SMS or CALL 2016 this will help for better notes in future. CA IPCC GROUP 1 P-3 COSTING NOTES For more files log
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