1.Calculate the material variances:<\/p>
standard price per meter $4<\/p>
actual price per meter $3<\/p>
standard usage(Quantity) per unit 5 meters<\/p>
actual usage (Quantity) per unit 7 meters<\/p>
<\/p>
2.Calculate Material Cost Variance from the following information:<\/p>
standard price of material per kg=$4<\/p>
standard usage of materials=800kgs<\/p>
actual usage of materials=920kgs<\/p>
actual price of materials per kg=$3<\/p>
<\/p>
3.Calculate labour cost variance from the following information:<\/p>
standard labour rate=$4<\/p>
standard hours=800hrs<\/p>
actual hours=920hrs<\/p>
actual labour cost=$3<\/p>", "transcribed_text": "", "related_book": { "title": "Auditing Cases An Active Learning Approach", "isbn": "0130674842, 978-0130674845", "edition": "2nd Edition", "authors": "Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. 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