Question b

Describe the aims of store management of goods and materials $(2$ marks$).$

Question c

How a company can increase its labor productivity? $(2$ marks$).$

Question d

Explain the problem companies have with overheads $(2$ marks$).$Question $6(16$ marks$)$

Question a $(10$ marks$)$

The following information is qiven for a factory.

Actual results are as follows:

Required

Calculate the following variances and state if they are adverse or in favor.

i$.$ Material price variance

ii$.$ Material usage variance

iii. Labor rate variance

iv$.$ Labor efficiency variance

v$.$ Idle time variance

vi$.$ Variable overhead expenditure variance

vii. Variable overhead efficiency variance

viii. Fixed overhead expenditure variance

ix$.$ Fixed overhead volume variance

$x.$ Selling price variance

xi$.$ Sales volume variance