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.

Required:

Calculate

i) Material price variance

ii) Material usage/quantity variance

iii) Labour rate Variance

iv) Labour time variance

v) Overhead variance