Standard Costing

The following information has been extracted from the records of Mzansi Darkness$$s Ltd for the month of April $2023$:

The company has developed standard cost for one unit and provided budgeted information as follows:

R

Materials

$4$kg @R$14$ per kg

$56\mathrm{.}00$

Direct labour

$8$ hours @R$10$ per hour

$80\mathrm{.}00$

Variable overheads

$8$ hours @R$8$ per hour

$64\mathrm{.}00$

Fixed overheads

$8$ hours @R$12$ per hour

$96\mathrm{.}00$

Standard cost per unit

$296\mathrm{.}00$

Budgeted fixed overheads

$960000$

Actual results for the budget period are as follows:

Units produced and sold

$11000$ units

Direct materials $(40000$ kg at R$13\mathrm{.}70$ per kg$)$

R$548000$

Direct labour $(84000$ hours at R$10$ per hour$)$

R$840000$

Variable overheads

R$756000$

Fixed overheads

R$1000000$

Overheads allocations are based on direct labour hours.

Required:

Fill in the table below.

Your answer must indicate whether the variance is Favourable F or Unfavourable U

Examples

$1.10000$ F $-$ No spaces, No Rand sign $,$ No brackets $()$ and F is capital F

$2.5000$ U $-$ No spaces, No Rand sign, No brackets $()$ and U is capital U

$3.$

$1.$

Material price variance

$10000$

U

$2.$

Material usage variance

$10000$

F

$1.$

Material price variance

$2.$

Material usage variance

$3.$

Direct labour rate variance

$4.$

Direct labour efficiency variance

$5.$

Variable overhead rate variance

$6.$

Variable overhead efficiency variance

$7.$

Fixed overhead expenditure variance