Calculate the material price variance

Assignment Help Cost Accounting

Reference no: EM132744635

Question - The following is a standard cost card.

Standard cost/unit Ksh

Raw material 50kgs @ ksh 2. 125

Direct labour 7 @ 49.50 66.50 191.50

Actual results for January Production

Direct material purchase 7000 kgs at a 18200

Opening stock direct materials 1300 kgs

Closing stock direct materials 850

Wages paid (1010 Hs) Ksh 9898

Required -

i. Calculate the material price variance.

ii. Calculate the material Usage variance.

iii. Calculate the labour rate variance.

iv. Calculate the labour efficiency variance.

Reference no: EM132744635

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