Following are the details of Tango Corporation. Standard Cost Material: 3 kg per unit @ OMR 12 per kg Labour: 2 hours per unit @ OMR 6 per hour Actual Cost 2500 units were produced using 8000 kg @ OMR 10 per kg and 4500 hours @ OMR 8 per hour Required: A. Calculate 1. Material Quantity Variance (MQV) 2. Material Price Variance (MPV) 3. Labor Rate Variance (LRV) 4. Labor Efficiency Variance (LEV) (2 Marks) (2 Marks) (2 Marks) (2 Marks) The variable production overhead cost of a product is as follows: Standard hours Standard rate in OMR Actual units produced Labour hours including idle time Idle time Actual variable cost in OMR 4 hours 2 per hour 1000 units 3100 hours 100 hours 9000 B. Calculate: 1. The variable overhead total variance (2 Marks) Majan University College Page 3 of 4 OUP C. MNGT ACC End of Semester Examination 2020-2021 2. The Variable production overhead Expenditure Variance 3. The Variable production overhead Efficiency Variance (2 Marks) (2 Marks) The Fixed production overhead data of a product is as follows: Budgeted units Expected time to produce 1 unit Budgeted fixed overheads in OMR Budgeted fixed overhead rate per hour OMR Budgeted fixed overhead rate per unit OMR Actual fixed overheads in OMR Actual units produced Actual hours worked 1100 units 4 hours 17600 4 per hour 16 per unit 16000 1000 units 4000 hours C. Calculate: 1. The fixed overhead total variance 2. The fixed overhead expenditure variance 3. The fixed overhead volume variance 4. The fixed overhead volume efficiency variance 5. The fixed overhead volume capacity variance (2 Marks) (2 Marks) (2 Marks) (2 Marks)