Question

You are required to Compute all variances for a product X, the standard cost data per unit of output for which are as follows:

Direct material 20kg @ Rs.10per kg
Direct labour 12 hours at Rs. 5.50 per hour
Variable overheads 12 hours at Rs. 10 per hour
Fixed overheads Rs.9,00,000 per month based on a normal
volume of 60,000 direct labour hours
Selling price Rs. 600 per unit

The costs incurred and other relevant information for the month of June2020 are as under

Direct material used 1,00,000 kg at a cost of Rs. 10,50,000
Direct wages paid Rs. 3,10,000 for 62,000 hours worked
Overheads Rs.15,26,000 out of which a sum of
Rs.9,40,00 is Fixed
Actual output 4,800 units sold for Rs. 28,32,000

Assume no stocks of work-in-progress or finished goods at the beginning or at the end of the month.

Answer 1

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