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X Co. Ltd. uses a standard cost system and manufactures product Z. Standard cost per 1000kg. of output is as under. In March, 2021, the
X Co. Ltd. uses a standard cost system and manufactures product Z. Standard cost per 1000kg. of output is as under. In March, 2021, the company produced 2,00,000 kg of output. Actual consumption was: Material A - 1,57,000 kg @ Rs. 2.40 Material B - 38,000 kg @ Rs. 4.20 Material C-36,000 kg @ Rs. 1.10 You are required to calculate (i) Material Cost Variance (ii) Material Price Variance (iii) Material Usage Variance (iv) Material Mix Variance and (v) Material Yield Variance
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