100 363 P. 19.24 The Amindon Company Ltd produces a product with the following standard cost per unit: Material 2 kgs at 250 2100 Labour 5 hours at 20 Overheads 5 hours at 240 200 400 The overhead rate for the year was determined on the basis of the following data: Fixed overheads 325,00,000 Variable overheads 75,00,000 Expected output (units) 5,00,000 Actual data for the year was as follows: 1. Purchases 1,00,000 kgs of material at 249 per kg. 2. Labour was obtained at a price of 31 per hour. 3. Production completed, 37,500 units. 4. Labour-hours, 1.90,000. 5. Material used, 90,000 kgs. 6. Fixed overheads, *25,00,000. 7. Variable overheads, 258,90,000. Inventories data: Opening, 1,000 units, 50 per cent complete as to material, labour and overhead. Closing, 4,000 units, 75 per cent complete as to material, labour and overhead. REQUIRED 1. Calculate material price variance at the point of purchase and issue, 2. Calculate labour variances, 3. Calculate fixed factory overhead variances, and 4. Calculate variable factory overheads variances