Q4: The standard labour cost per unit of Product X is: Grade I-5 hours Rs.5 Grade II-8 hours Rs.4 Grade II- 10 hours Rs.4 For 500 units of production, following payments were made: Grade I- 2,400 hours Rs.2,640 Grade II-6,000 hours Rs.2700 (1,000 idle hours) Grade III-7,000 hours Rs.2,940 (500 idle hours) Calculate labour variances?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Q4: The standard labour cost per unit of Product X is:
Grade I-5 hours
Rs.5
Grade II-8 hours
Rs.4
Grade III- 10 hours
Rs.4
For 500 units of production, following payments were made:
Grade I- 2,400 hours
Rs.2,640
Grade II-6,000 hours
Rs.2700 (1,000 idle hours)
Grade II- 7,000 hours
Rs.2,940 (500 idle hours)
Calculate labour variances?
Transcribed Image Text:Q4: The standard labour cost per unit of Product X is: Grade I-5 hours Rs.5 Grade II-8 hours Rs.4 Grade III- 10 hours Rs.4 For 500 units of production, following payments were made: Grade I- 2,400 hours Rs.2,640 Grade II-6,000 hours Rs.2700 (1,000 idle hours) Grade II- 7,000 hours Rs.2,940 (500 idle hours) Calculate labour variances?
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