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Question 1 JLO Ltd . Operates a variance accounting system. The monthly budget is to make and sell 1 6 0 0 units of a
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JLO Ltd Operates a variance accounting system. The monthly budget is to make and sell units of a single product which has the following standard unit cost details:
Standard Quantity Standard Price
Direct material kg RM per kg
Standard hours Standard Rate
Direct labour hours RM per hour
The following actual data was recorded for the last monthly accounting period:
Units produced
Materials purchased kg costing RM
Materials used kg
Direct labour hours, costing RM
Required : Calculate the followings
a Material price variance
b Materisl usage variance
c Material cost variance
d Direct labour rate variance
e Direct labour efficiency variance
f Direct labour cost variance
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