During the year, 800 kg of materials were purchased for $5,000
Beginning Inventory: none
Ending Inventory: 100kg
Required:
Calculate the flexible budget amounts for all items.
Calculate the following variances
Material Rate
Material Efficiency
Labour Price
Labour Efficiency
Variable Overhaed Rate
Variable Overhead Efficiency
Fixed Overhead Rate
Fixed Overhead Production Volume
Assume that the Material, Labour and Variable Overhead variances are inter-related. What is the most likely single cause of these variances. Briefly explain your answer.
Answer & Explanation
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