You are required to conduct a detailed analysis of all the prime cost and overhead variances discussed in the class. You can refer to pages 476 and 532 of your prescribed textbook for detailed illustrations and also the lecture illustration which was discussed in the lecture and tutorial in week 7 and 8. Please make sure you clearly mention the standard and the actual quantity and price of all the inputs.
Allocation of Marks:
Required Marks
A creative cost object with details of cost and appropriate inputs
Prepare a flexible budget and static budget and calculate the sales-volume variance and flexible budget variance
Calculate all DM, DL, VOH and FOH variances
Graphical representation of all the variances and closing journal entry