Question

24. The following details relating to the product X during the year 2016 are available. You are required to compute the material and labour cost variance and also to reconcile the standard and the actual costs with the help of such variances.
Std. cost per unit.
Material 50 kg @ Rs. 40 per kg
Labour 400 hours @Re. 1 per hour

Actual cost for the year
Material 4,900 kgs @ Rs. 42 per kg
Labour 39,600 hours @ Rs. 1.10 per hour
Actual production - 100 units

Answer 1

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