During January, Microchem Ltd produced 1000 units of special product called Stylex, and the accounting records indicated the following: Direct material purchased Direct material used Direct labour Stylex has the following standard prime costs: Direct material: 20 kilograms a $1.35 per kilogram Direct labour hours: 4 hours @ $17 per hour Standard prime cost per unit 36000 kilograms @ $1.38 per kilogram 19000 kilograms 4200 hours @ $18 per hour Required: 1 Calculate the total standard direct material costs and direct labour costs for January. Direct material price variance. Direct material quantity variance. Direct labour rate variance. $27.00 68.00 $95.00 2 For the month of January, calculate the following variances, indicating whether each is favourable or unfavourable: Direct labour efficiency variance.

During January, Microchem Ltd produced 1000 units of special product called Stylex, and the accounting records indicated the following: Direct material purchased Direct material used Direct labour Stylex has the following standard prime costs: Direct material: 20 kilograms a $1.35 per kilogram Direct labour hours: 4 hours @ $17 per hour Standard prime cost per unit 36000 kilograms @ $1.38 per kilogram 19000 kilograms 4200 hours @ $18 per hour Required: 1 Calculate the total standard direct material costs and direct labour costs for January. Direct material price variance. Direct material quantity variance. Direct labour rate variance. $27.00 68.00 $95.00 2 For the month of January, calculate the following variances, indicating whether each is favourable or unfavourable: Direct labour efficiency variance.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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