Case-study-Orchid-Ltd-is-a-furniture-manufacturer-accounting-homework-help
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Orchid Ltd is a furniture manufacturer. One of its products, a table, has the following standard costs:
£
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Order Paper NowDirect materials (8m @ £3/m) 24.00
Direct labour (1 hour @ £25/hr)25.00
Fixed overheads 16.00
65.00
Selling price 95.00
Standard profit margin 30.00
The table is made from solid oak and the above materials reflect the size of the table in square metres.
The monthly production and sales are planned to be 800 units. The actual results for March were as follows:
£
Sales revenue 75,330
Less Direct materials(19,250)(7,000m)
Direct labour(22,100)(850 hours)
Fixed overheads (13,000)
Operating profit 20,980
There was no opening or closing stocks. The company manufactured and sold 810 tables.
Required:
a) Calculate the flexed and actual budget
b) Calculate the following variances:
Sales variances; volume and price
Direct material variances; usage and price
Direct labour variances; efficiency and rate
Fixed overhead variance; spending
c) Present the above information as a part of a Business Report, providing possible explanations for the variances that you have calculated and suggestions as to how the company might try to improve its cost control.
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