Answer the following questions regarding standard costing: The following data relates...
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Answer the following questions regarding standard costing: The following data relates to QA firm. Cost standards: Direct Material 3 kg @2.50 per kg $7.50 Direct Labour 5 hours @7.50 per hour $37.50 Actual results: Direct material purchased 25,000kg at 2.60 $65,000 Direct material used 23,100kg Direct labour 40,100 hours @$7.30 $292,730 (a) calculate the two material variances (3 marks) (b) calculate the two labour variances (2 marks)
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