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Solve this before 6 hours VARIANCE ANALYSIS (STANDARD COSTING) 0. No. 01 TOP PRODUCTS CO. uses standard cost system. Following data are taken from its

Solve this before 6 hours

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VARIANCE ANALYSIS (STANDARD COSTING) 0. No. 01 TOP PRODUCTS CO. uses standard cost system. Following data are taken from its cost accounting records: Standard Actual Raw material Rate per unit Rs. 6 Rate per unit Rs.6.20 Total Cost Rs. 54,000 Quantity 9,200 units Direct Labour Wage per hour Rs. 11 Wage per hour Rs. 10.50 Total Labour hour 10,000 Total labour cost Rs. 110,250 Factory overhead 80% of direct labour cost Total cost Rs. 90.000 Required: a) Calculate i) Material Price Variance ii) Material Quantity Variance iii) Labour Wage Variance iv) Labour efficiency Variance v) FOH Variance

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