Question 3: Calculate the variance for the given data:a) The standard mix to produce one unit of product is as follows:Material A 60 units @ $ 10 per unitMaterial B 80 units @$ 15 per unitMaterial C 100 units @ $ 20 per unitDuring the month of July, 10 units were actually produced and consumption was as follows:Material A 640 units @S 7.50 per unitMaterial B 950 units @ $ 18.00 per unitMaterial C 870 units @ $ 22.50 per unitCalculate material variances.b) Standard wage rate is Rs.3 per hour and standard time is 10 hours. But actual wage rate is Rs. 3.5per hourand actual hours used are 12 hours. Calculate Labor cost variance.

Name: Question 3: Calculate the variance for the given data:a) The standard
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Description: Question 3: Calculate the variance for the given data:a) The standard mix to produce one unit of product is as follows:Material A 60 units @ $ 10 per unitMaterial B 80 units @$ 15 per unitMaterial C 100 units @ $ 20 per unitDuring the month of July,

Variance is the difference between the standard amount and the actual amount. Variance analysis…

Business

Accounting

Question 3: Calculate the variance for the given data: a) The standard mix to produce one unit of product is as follows: Material A 60 units @ $ 10 per unit Material B 80 units @ $ 15 per unit Material C 100 units @ $ 20 per unit During the month of July, 10 units were actually produced and consumption was as follows: Material A 640 units @ $ 7.50 per unit Material B 950 units @ $ 18.00 per unit Material C 870 units @ $ 22.50 per unit Calculate material variances. b) Standard wage rate is Rs.3 per hour and standard time is 10 hours. But actual wage rate is Rs. 3.5per hour and actual hours used are 12 hours. Calculate Labor cost variance.

Question 3: Calculate the variance for the given data: a) The standard mix to produce one unit of product is as follows: Material A 60 units @ $ 10 per unit Material B 80 units @ $ 15 per unit Material C 100 units @ $ 20 per unit During the month of July, 10 units were actually produced and consumption was as follows: Material A 640 units @ $ 7.50 per unit Material B 950 units @ $ 18.00 per unit Material C 870 units @ $ 22.50 per unit Calculate material variances. b) Standard wage rate is Rs.3 per hour and standard time is 10 hours. But actual wage rate is Rs. 3.5per hour and actual hours used are 12 hours. Calculate Labor cost 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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