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REQUIRED Use the information provided below to calculate the following variances. In each case state...

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Accounting

REQUIRED

Use the information provided below to calculate the following variances. In each case state whether the varience is Show transcribed data REQUIRED Use the information provided below to calculate the following variances. In each case state whether the varience is favourable or unfavourable.

1.3.1 Material quantily variance

1.3.2 Labour efficiency variance

1.3.3 Variable manufacturing overheads expenditure variance

INFORMATION

Regal Lid uses the standard costing system. The standards and actual information for May 2022 for the only product that it manufactures are as follows:

Direct materials & 4 kg@ R7 per kg

Direct labour & 5 hours @ R60 per hour

Vaniable manufacturing overheads & R12 per labour hour Normal production & 12000 units per month

Actual information for May 2022:

Direct materials used & 43000 kg@ R7.50 per kg

Direct labour & 56000 hours @ R58 per hour

Variable manufacturing overheads & R649600

Production & 11000 units manufactured

Answer & Explanation Solved by verified expert
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