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May someone pls help me. 1. Standard Costs and Variance Analysis Alpha Ltd uses a standard costing system with the following unit standards: Labour 2

May someone pls help me.

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1. Standard Costs and Variance Analysis Alpha Ltd uses a standard costing system with the following unit standards: Labour 2 hours at $20 per direct labour hour Material 5 kilograms at $1.00 per kilogram Variable overhead 2 hours at $25 per direct labour hour Fixed overhead 2 hours at $15 per direct labour hour Although 2 500 units were budgeted to be produced, 3 000 units were actually produced. Actual direct labour costs were $132 975 for 6 750 hours. Materials weighing 16 000 kilograms were purchased for $18 400. Materials weighing 15 500 kilograms were issued to production. There was no beginning materials inventory. Actual variable overhead costs were $162 250 and actual fixed overhead costs were $110 000. Required: a. Calculate the following variances and indicate whether each variance is favourable or unfavourable: i. Labour efficiency variance ii. Material price variance (based on purchases) iii. Material usage variance iv. Variable overhead efficiency variance v. Fixed overhead spending variance (10 marks) b. Name the role (job position, job title) of the person or people who would be responsible for investigating and providing reasons for the following variances. Give a brief explanation of why that person (or those people) would be selected (1-2 lines for each). i. Labour rate variance ii. Material price variance iii. Material usage variance iv. Fixed overhead spending variance (8 marks)

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