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From the information given below, prepare a standard cost card extract for one unit and...

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Accounting

From the information given below, prepare a standard cost card extract for one unit and enter on the standard cost card the costs to show subtotals for: (a) prime cost; (b) variable production cost. The following data is given for the standard details for one unit: Direct materials: 40 square metres @ 6.48/sqm Direct wages: Bonding department48 hours @ 12.50/hour Finishing department30 hours @ 11.90/hour Budgeted costs and labour hours per annum: hours Variable production overhead: Bonding department 375,000 500,000 Finishing department 150,000 300,000 QUESTION 10 A company manufactures a single product for which the standard variable cost is: per unit Direct material: 81 kg _ 7 per kg 567 Direct labour: 97 hours _ 8 per hour 776 Variable overhead: 97 hours _ 3 per hour 291 1,634 During January, 530 units were produced and the costs incurred were as follows: Direct material: 42,845 kg purchased and used; cost 308,484 Direct labour: 51,380 hours worked; cost 400,764 Variable overhead: cost 156,709 You are required to calculate the variable cost variances for January

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