Kenny's production Ltd operates a standard costing system, such provides the company with cost information that is vital
Posted: Wed Apr 27, 2022 11:31 am
Kenny's production Ltd operates a standard costing system, such provides the company with cost information that is vital to its budget preparation each period. the company produces and sells a single product. at the end of October 2020 , the following information was extracted from the company's records:
Direct raw materials 2 litres at $150 each $300
direct labour 1.5 hours at $140 each $210
Total $510
A) calculate the direct raw materials price variance
b) calculate the direct raw material usage variance for the month
c) calculate the direct raw material total variance
d) calculate the direct labor rate variance
e) calculate the direct labor efficiency variance
f) calculate the direct labor total variance
Direct raw materials 2 litres at $150 each $300
direct labour 1.5 hours at $140 each $210
Total $510
A) calculate the direct raw materials price variance
b) calculate the direct raw material usage variance for the month
c) calculate the direct raw material total variance
d) calculate the direct labor rate variance
e) calculate the direct labor efficiency variance
f) calculate the direct labor total variance