Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is available from the cost records of Vatika & Co., for the month of August 2017: Material Purchased - 30,000 Kg, Rs.

The following information is available from the cost records of Vatika & Co., for the month of August 2017:

Material Purchased - 30,000 Kg, Rs. 135,000;

Material Consumed - 28,800 Kg

Actual Wages paid for 7,940 Hours, Rs. 39700;

Units Produced - 2700 Units

Standard rates and prices are:

Direct Material Rate is Rs. 4.10 per unit;

Direct Labour Rate is Rs. 4.40 per hour

Standard Input is 10 Kg for one Unit;

Standard Requirement is 2.8 Hours per Unit

Calculate all material and labour variances for the month of August 2017. Comment on your findings

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Risk-Based Internal Audit

Authors: Jason Lee Mefford

1st Edition

1631922629, 9781631922626

More Books

Students also viewed these Accounting questions