Question
The accountant of Syn Inc have deployed the following information regarding the standard cost actual costs of a product manufactured in June 1996 Material: Standard
The accountant of Syn Inc have deployed the following information regarding the standard cost actual costs of a product manufactured in June 1996
Material:
Standard 80,000 ounces at Rs. 0.30 per ounce
Actual 88,000 ounces at Rs. 0.29 per ounce
Labor:
Standard 4.000 ounces at Rs. 10.00 per ounce
Actual 3.600 ounces at Rs.10.40 per ounce
Factory Overhead
Standard Rs. 9,000 fixed cost and Rs. 5,000 variable cost for 10.000 units normal monthly
Actual Rs. 9,000 fixed cost and Rs. 4,600 variable cost for 8,000 units actually produced in June.
The normal volume is 10.000 units per month, but only 8,000 units were manufactured.in June.
Calculate
i) Material price variance
ii) Material usage/quantity variance
iii) Labour rate Variance
iv) Labour time variance
v) Overhead variance
PLEASE ANSWER ALL PARTS URGENTLY THANKS
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