For the following business, the data relating to the production of one unit is as follows:
Standard materials cost = 4 kg at £3.00 per kg = £12 per unit
Standard labour cost = 2 hours at £5.00 per hour = £10 per unit
If the budgeted output level is 500 units, the standard cost would be as follows:
| £ | |
| Materials (2,000 kg) | 6,000 |
| Labour (1,000 hours) | 5,000 |
| Total | 11,000 |
Details of actual production for the forecast period were as follows:
| £ | ||
| Materials | 2,050 kg at £2.80 per kg = | 5,740 |
| Labour | 960 hours at £5.10 per hour = | 4,896 |
| Total | 10,636 |
Actual output was 450 units. Although the total cost of £10,636 is lower than the standard cost of £11,000, the actual output was lower than the budgeted output, which means we will need to redraft the budgeted quantities in the light of the actual output. These are as follows:
Materials 450 units × 4 kg = 1,800 kg × £3 = £5,400
Labour 450 units × 2 hours = 900 hours × £5 = £4,500.
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