ASSIGNMENT OF ACC 415-MANAGEMENT ACCOUNTING 1 FOR PART TIME

                         PATRIOT ODUNARO BABATUNDE JIMOH (08038454008)

                               "IN ALL YOUR GETTING GET WISDOM". 

NOTICE: STUDENTS DON`T COPY YOURSELVES, JUST BE YOURSELF. IT IS WELL WITH OUR SOUL ALLAHUMO KUNFAYAKUN AMIN.

TO WHOM: 

* HND BUSINESS ADMINISTRATION (PART TIME)

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ASSIGNMENT FOR PART TIME

(a) Enumerate five each merits and demerits of the Standard Costing Techniques.

(b) List six needs for Variance Analysis.

(c) For a product, the following data are given by Foyegbe Nigeria Limited.

Standard details per unit of product:

Direct material 4kgs at N0.75 per kg

Direct labour 2hours at N1.60 per hour

Actual details for given financial period:

Output produced in units        38,000

Direct materials:

Purchases  180,000kgs for N126,000

Issued to production        154,000kgs

Direct labour 78,000hours worked for N136,500.

There was not work-in-progress at the beginning or end of the period.

As a student of Management and Business Studies, you are required to calculate the following variances:

(i)                 Direct Material Cost

(ii)               Direct Material Price based on issue to production.

(iii)             Direct Material Usage

(iv)             Direct wage Cost

(v)               Direct Wage Rate

(vi)             Direct Labour Efficiency

                                                        BEST OF LUCK!