TP makes wedding cakes that are sold to specialist retail outlets which decorate the cakes according to the customers' specific requirements. The standard cost per unit of its most popular cake is as follows:

The general market prices at the time of purchase for Ingredient A and Ingredient B were $23 per kg and
$20 per kg respectively. TP operates a JIT purchasing system for ingredients and a JIT production system; therefore, there was no inventory during the period.
What was the material price planning variance for ingredient B?

Which THREE of the following statements relating to fixed overhead variances are correct?

Changing to a just-in-time, from a traditional, manufacturing environment can affect cost accounting systems.
Which of the following statements is correct?

PQR has recently introduced an activity-based costing system.
It manufactures three products, details of which are given below.
The budgeted production overhead costs for the year are shown in table below:

What is budgeted machine set-up cost per unit of Product J?
Give your answer to the nearest cent.

GH manufactures a product using skilled labour and high quality materials. The company operates a standard costing system and a just-in-time (JIT) purchasing and production system. The standard selling price and variable costs for one unit of the product are as follows:

Prepare a statement that reconciles the budgeted contribution with the actual contribution for October.
Your statement should show the variances in as much detail as possible.
What was the actual contribution for October?