CAT 1 AND 2 ATTEMPT ALL THE QUESTIONS (1 ) As cost accountant of Rackets Ltd,...
CAT 1 AND 2
ATTEMPT ALL THE QUESTIONS
(1 ) As cost accountant of Rackets Ltd, you estimate the standard cost of making one unit is as follows:
Direct material 4 kilos at £7 per kilo
Direct wages 5 hours at £10 per hour
The actual cost of a batch of 1000 units was:
Direct material £28960 (4328 kilos)
Direct wages £50200 (5370 hours)
Calculate the following:
(i) The material price variance
(ii) The material usage variance
(iii) The total material cost variance
(iv) The labour rate variance
(v) The labour efficiency variance
(vi) The total labour cost variance
(vii) The total cost variance
Homework Answers
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CAT 1 AND 2
ATTEMPT ALL THE QUESTIONS
(1 ) As cost accountant of Rackets Ltd,...
ATTEMPT ALL THE QUESTIONS (4 ) As cost accountant of Rackets Ltd, you estimate the standard...
ATTEMPT ALL THE QUESTIONS (4 ) As cost accountant of Rackets Ltd, you estimate the standard cost of making one unit is as follows: Direct material 4 kilos at £7 per kilo Direct wages 5 hours at £10 per hour The actual cost of a batch of 1000 units was: Direct material £28960 (4328 kilos) Direct wages £50200 (5370 hours) Calculate the following: (vi) The total labour cost variance (vii) The total cost variance
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