Need all 3 Teamco Ltd manufactures products, which have a standard selling price of £250 per unit. Thecompany operates a standard costing system and values stocks at standard cost. The standardvariable cost of a NY is as follows:Direct material per unitDirect labour (2 hours @ £40 per hour)Production overhead per unitThe budgeted and actual variable costs for last month were as follows:Actual unitsBudget units50000Sales42000Production5000056000The actual sales and variable costs for last month were as follows:£SalesDirect materials (purchased and used)Direct labourVariable production overhead£7,500,000£3,000,000£4.600,000£3,300,000Calculate the following cost variances for last month:Direct Material Variancei.ii. Total Variable Production Overhead VarianceDirect Labour Varianceiii.140£50£80£60

Material price variance:-It is a variance between the standard price at which material should be…

Teamco Ltd manufactures products, which have a standard selling price of £250 per unit. The company operates a standard costing system and values stocks at standard cost. The standard variable cost of a NY is as follows: Direct material per unit Direct labour (2 hours @ £40 per hour) Production overhead per unit The budgeted and actual variable costs for last month were as follows: Actual units Sales 42000 Production 50000 56000 The actual sales and variable costs for last month were as follows: £ Budget units 50000 Sales Direct materials (purchased and used) Direct labour Variable production overhead £7,500,000 £3,000,000 £4.600,000 £3,300,000 Calculate the following cost variances for last month: Direct Material Variance i. ii. Total Variable Production Overhead Variance Direct labour Variance £50 £80 £60