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The following information are the standard cost per unit of a product manufactured by Dye...

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Accounting

The following information are the standard cost per unit of a product manufactured by Dye Ltd :

Direct Material (4 kilos @ $2.5 per kilo) : $10

Direct Labour (4 hours @ $6 per hour) : $24

Fixed overhead (4 hours @ $10 per hour) : $40

Budgeted output is 5,200 per period while actual output is 5,000 units.

The actual results achieved during Period 3 were:

Direct Material purchased and used (20,500 kilos): $55,350

Direct Labour (19,000 hours): $77,900

Total fixed production overhead: $210,000

a) You are required to calculate

: i. Direct material cost variance

ii. Direct material price variance

iii. Direct material usage variance

iv. Direct wages cost variance

v. Direct wages rate variance

vi. Direct labour efficiency variance

(TOTAL 18 MARKS)

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