M/S GreekArt manufactures bust statues of famous historical figures.
Since all statues are of the same size, they more or less, require the same amount of resources
They planned to sell 5000 pieces at Rs1500/- each, consuming 50,000 kgs of raw material @Rs 100 per kg. 20000
direct labour hours were expected to be used @Rs 40 per hour. Additionally, Rs 10 lacs of fixed costs were expected
to be incurred during the year
During the year 5500 statues were actually produced and sold at an average price of Rs 1450/- per piece.
Material worth Rs 5830,000 was purchased at Rs 110 per kg.
25000 direct labour hours were used at the rate of Rs 36/- per hour. Moreover, actual fixed costs were Rs995,000.
There were no beginning or ending inventories.
Compare the actual performance with the planned performance and identify the deviations. Provide a detailed
analysis of the variance between the planned performance and the actual performance.