Trishul Industries is engaged in the manufacture of product 'Trishank". The prime cost details for which are as under: Component of Cost Details Direct Materials 5 kgs @Rs. 4.20/kg Direct Labour 3 hours @Rs. 3/hr Cost per completed piece (Rs.) 21.00 9.00 As per the production schedule, 5000 units were to be produced in December 2021. However, 5, 120 units were actually manufactured. Direct Materials were purchased to the tune of 30000 kgs and were billed at Rs. 1,35,000. The production records for the month of December 2021 were extracted and they showed the following results: Component of Cost Details Direct Materials Direct Labour Requisitioned and used - 25700 kgs Worked and paid for 15,150 hrs @ Rs. 48,480/- a) Calculate material cost variance, material usage variance and material price variance. (12 marks) b) Calculate labour cost variance, labour efficiency variance and labour rate variance (12 marks) c) "Variance analysis is an integral part of Standard Costing system. It is not an end in itself but a means to an end." Explain this with special reference to sales and sales margin variances. (6 marks) Maximum file size 20MB maximum number of files: 1