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Buisness Management Essay

829 words - 4 pages


Product 1: THETA 5
Month Receipts Cost Issue FIFO LIFO
Jan 300 4.5   1,350 1,350
Feb 200 4.5 150 1,575 1,575
Mar 400 4.5   3,375 3,375
Apr   4.5 250 2,250 2,250
May 400 4.5 100 3,600 3,600
Jun 300 5   5,100 5,100
Jul     150 4,425 4,350
Aug 400 5   6,425 6,350
Sep 300 5   7,925 7,850
Oct     400 6,125 5,850
Nov 400 6   8,525 8,250
Dec   6 250 7,400 6,750
Total 2,700   1,300    

Closing stock (FIFO) = £7,400 Closing stock (LIFO) = £6,750
The closing stock value according to AVCO is done below for THETA 5.

Average cost of receipt (£) 4.91
...view middle of the document...

5 0.9 -0.60 -40.00%
Rate per hour (£) 3.7 3.7 0 0.00%
Labour cost (£) 4,77,300 3,09,690 -1,67,610 -35.12%
Material Usage (g) 450 475 25 5.56%
Material cost (pence) 0.006 0.007 0.00 16.67%
Material cost £ 2,322 3,092 770 33.17%

Particular Budgeted Actual Variance %
Production Quantity 15,000 13,000 -2,000 -13.33%
Time per unit (Hrs) 0.75 1 0.25 33.33%
Rate per hour (£) 2.5 2.4 -0.10 -4.00%
Labour cost (£) 28,125 31,200 3,075 10.93%
Material Usage (g) 390 370 -20 -5.13%
Material cost (pence) 0.01 0.01 0.00 0.00%
Material cost £ 585 481 -104 -17.78%

Particular Budgeted Actual Variance %
Production Quantity 32,000 33,000 1,000 3.13%
Time per unit (Hrs) 1.3 1.4 0.10 7.69%
Rate per hour (£) 4.3 4.05 -0.25 -5.81%
Labour cost (£) 1,78,880 1,87,110 8,230 4.60%
Material Usage (g) 230 220 -10 -4.35%
Material cost (pence) 0.02 0.017 0.00 -15.00%
Material cost £ 1,472 1,234 -238 -16.15%

The table above clearly represent that major variance is observed in the production quantity which is both positive as well as negative which makes it difficult to capture. Additionally there are material variances observed for the material usage and requisite time which is leading to both under estimation and over estimation. Also the combined impact of the variance in above two at times neutralise the total variance while at times may accentuate the total variance.
Section 3: SEATS Ltd
Fixed Budget:

Selling Price per unit £ ...

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