Calculate what variances have arisen, Cost Accounting

The following details were extracted from the standard cost card of a component:  
Raw Materials 
            2.82 Kgs @ Rs.4.80 Kg. 
Direct Labour
           Type I   6.5 hrs @ Rs.3.75
           Type II  3.85 hrs @Rs. 4.25
During a period original results were as follows: 
           Production 1,100 components. 
Direct Material  Purchase and usage
          3,200 Kgs at a cost of Rs.15,100
Wages Paid
          Type  I (7,120 hrs ) Rs.27,056
          Type II (4,235) Rs. 18,210

Requirement:  You are needed to calculate what variances have arisen.

Posted Date: 3/18/2013 6:38:19 AM | Location : United States

price variance-15100-153620=260 (fav)
usage variance-15360-14890=470 (adverse)
total material variance=210 (adv)
Posted by naveed | Posted Date: 6/30/2013 10:48:59 AM

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