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Problem 2 The standard cost card shows the following details relating to material needed to...

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Accounting

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Problem 2 The standard cost card shows the following details relating to material needed to produce 1Kg. of groundnut oil :- Quantity of groundnut required 3Kg. Price of groundnut OMR 2.50 per Kgs. Actual production data: Production during the month 1,000Kg. Quantity of material used 3,500Kg. Price of groundnut OMR 3 per Kg. Calculate: (a) Material Cost Variance (b) Material Price Variance and (c) Material Usage Variance

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