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?

MDS is facing a temporary shortage of Material H which is used to produce all three of its products.
In order to maximise its profitability, which product should be manufactured first?

A company sells two products, X and Y, which are always sold in the same ratio.
No inventories are held.
The following budgeted data relate to month 10:

What is the budgeted margin of safety in month 10?

A company produces and sells two products, product A and product B.
What are the total fixed costs when the weighted average contribution per unit is $5 and the breakeven points for product A and product B are 10,000 units and 5,000 units respectively?
Give your answer as a whole number (in 000's).

A decision maker that makes decisions using the minimax regret criterion would be classified as: