Flashcards in Material & Labour Calculations Deck (12)

Loading flashcards...

1

## £ per kilo formula

### Total cost / materials used

2

## Material used formula

### Materials used / units produced

3

## Flexed budget (standard cost) materials

### Kilo per unit X. Units produced. X standard price

4

## Flexed budget - labour

### No of mins / 60 mins X Units produced X Rate (£)

5

## Labour rate formula

### Total cost / no of hours

6

## Overtime required formula

###
1) No of staff X no basic hours

2) no of mins / 60 mins X units produced

2 Minus 1

7

## Material purchases (incl wastage during production)

###
1) 100/(100-wastage%) X units to manufacture

2) answer to 1 X Kg per unit

3) answer to 2 MINUS opening inventory ADD closing inventory

8

## Direct labour hours formula

### No of mins/60 mins. X. Total no of units

9

## Production in-house formula

### No of employees X total number of hours (including O/T) / (no of mins/ 60)

10

##
How to calculate: (Materials budget)

1) Flexed budget

2) standard cost

3) usage variance

4) price variance

###
1) kilo per item X £ per item X units sold

2) £ per item X materials used

3) difference between 1 and 2

4) difference between 2 and the actual cost (given in notes)

11

##
How to calculate: (labour budget)

1) flexed budget

2) standard budget

3) efficiency variance

4) rate variance

###
1) no of mins/60 mins X units sold X £ per unit

2) £ per hour X no of hours used

3) difference between 1 and 2

4) difference between 2 and actual cost (given in notes)

12