Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Instruction: Complete ALL questions from this section. Question 1 A company supplies organic honey to AC Hotel. Standard costs for one unit for 202 December
Instruction: Complete ALL questions from this section. Question 1 A company supplies organic honey to AC Hotel. Standard costs for one unit for 202 December were as follows: $ Direct Materials 10kg @ $16 per kg 160 Direct Labour 8 hours @ 24 per hr 192 Overheads (based upon an overhead absorption rate of $16 per labour hr) 64 416 Budgeted input in December was 2400 units. Actual results in December were as follows: 2,600 units were made Direct materials used 13,200Kgs, at a total cost of $100,320 Direct labour was 10,660 hours at a cost of $130,052 Actual fixed overheads were $88,000 Required: i. Material price variance ii. Material usage variance iii. Labour rate variance iv. Labour efficiency variance v. Fixed overhead price variance vi. Fixed overhead efficiency variance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started