1.The following information relates to XYZ Ltd, a company producing chairs for colleges.

Standard InputsStandard Cost

Categoryfor 1 outputper input

Direct Materials1.008.00

Direct Labour0.3010.00

Actual results for the company is shown below:

Actual output: (in units)5,000

Direct Materials:

Materials costs37,240

Input purchased and used4,900

Direct Labour:

Labour costs19,470

Labour-hours of input1,650

Required:

Calculate the following sub-variances

i. Material price variance

ii. Material usage/efficiency variance

iii. Labour rate/price variance

iv. Labour efficiency variance