Your firm values inventory using the weighted average cost method. At 1 October-新东方在线职业题库

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Your firm values inventory using the weighted average cost method. At 1 October 20X8, there were 60 units in inventory valued at $12 each. On 8 October, 40 units were purchased for $15 each, and a further 50 units were purchased for $18 each on 14 October. On 21 October, 75 units were sold for $1,200.

What was the value of closing inventory at 31 October 20X8?

$ O

Chapter6Accountingformaterials

Date Units Unit Inventory

value value

1 October Opening inventory 60 720

8 October Purchase 40 units at $15 40 600

14 October Purchase 50 units at $18 50 900

21 October Sold 75 units: cost (75) 14.80 (1,110)

31 October Closing inventory 75 14.80 1,110

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What does an adverse variable overhead efficiency variance indicate and what might be the cause?

Explain briefly the possible causes of

(i) A favourable material usage variance

(ii) A favourable labour rate variance

(iii) An adverse sales volume contribution variance.

What is the relationship between the labour efficiency variance and the variable overhead efficiency variance? Why might the monetary value be different?

Explain the meaning and relevance of interdependence of variances when reporting to managers.

A balanced scorecard measures performance 什om four perspectives: customer satisfaction, growth, financial success and process efficiency. Briefly explain these processes.

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