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{"id":6112,"date":"2022-02-11T14:09:28","date_gmt":"2022-02-11T08:24:28","guid":{"rendered":"https:\/\/eponlinestudy.com\/?p=6112"},"modified":"2022-02-11T14:09:28","modified_gmt":"2022-02-11T08:24:28","slug":"standard-costing-material-variance-labour-variance-bq-dq-aq","status":"publish","type":"post","link":"https:\/\/eponlinestudy.com\/standard-costing-material-variance-labour-variance-bq-dq-aq\/","title":{"rendered":"Standard Costing | Material Variance | Labour Variance | BQ | DQ | AQ"},"content":{"rendered":"

\"\"<\/p>\n

 <\/p>\n

\u00a0<\/span><\/b><\/p>\n

Standard Costing <\/span><\/b><\/h2>\n

Standard costing is pre-determined cost. <\/span><\/p>\n

It is determined in advance of production like cost of materials, wages or labour, overheads etc. <\/span><\/p>\n

It is a management accounting tools for management control. <\/span><\/p>\n

It is applied to compare the actual cost with variance. <\/span><\/p>\n

It is used for following process:<\/span><\/p>\n

Establishment of standard cost<\/span><\/p>\n

To find out actual cost<\/span><\/p>\n

To compare and measurement of variance <\/span><\/p>\n

Analysis of variances<\/span><\/p>\n

Reporting to related center for taking action<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Materials<\/span><\/b><\/b><\/h3>\n

In a manufacturing company, materials and labour are the most important factors<\/span> for production<\/span>. <\/span><\/p>\n

Raw materials are converted into semi-finished goods and finished goods with the help of labour.<\/span><\/p>\n

While manufacturing the goods, all the input goods are NOT output or yield.<\/span><\/p>\n

There are normal and abnormal losses. <\/span><\/p>\n

\u00a0<\/span><\/p>\n

When the company cannot stop or control the loss of goods on a natural basis; it is called normal loss. <\/span><\/p>\n

Normal losses are weight loss, shrinkage, evaporation, rust etc. <\/span><\/p>\n

When the company can stop or control loss but could not control, it is known as abnormal loss.<\/span><\/p>\n

Abnormal loss is due to carelessness, fatigue, rough handling, abnormal or bad working condition, lack of proper knowledge, low-quality raw materials, machine break down, accidents etc. <\/span><\/p>\n

\u00a0<\/span><\/p>\n

We will study the following materials variances in this topic:<\/span><\/p>\n

Materials cost variance<\/span><\/p>\n

Materials price variance<\/span><\/p>\n

Materials usage variance<\/span><\/p>\n

Materials mix variance<\/span><\/p>\n

Materials yield variance<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Click on the photo for FREE <\/span><\/b>e<\/span><\/b>Books<\/span><\/b><\/p>\n

\"\"<\/span><\/a><\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Labour <\/span><\/b><\/b><\/h3>\n

Every manufacturing company and business organization needs human being resources. <\/span><\/p>\n

These human beings may be the resource of administrators and labour. <\/span><\/p>\n

Without labour, a manufacturing company cannot complete its production. <\/span><\/p>\n

It is saying, \u201cTalented, calibre and skilled manpower is the other assets of the business organization.\u201d <\/span><\/p>\n

\u00a0<\/span><\/p>\n

There are three types of labour. <\/span><\/p>\n

They are unskilled labour, semi-skilled labour and skilled labour. <\/span><\/p>\n

Unskilled labour gets fewer wages but skilled labour gets the highest wages. <\/span><\/p>\n

\u00a0<\/span><\/p>\n

The payment made to the labour in exchange for its service is called labour cost. <\/span><\/p>\n

It is a major part of the total cost of production. <\/span><\/p>\n

Labour cost is also\u00a0<\/span>commonly<\/span>\u00a0<\/span>called wages. <\/span><\/p>\n

Labour cost or wages is one of the major elements of cost. <\/span><\/p>\n

Labour cost represents the expense incurred on both direct and indirect labour. <\/span><\/p>\n

\u00a0<\/span><\/p>\n

Unproductive time is known as idle time. <\/span><\/p>\n

It may be due to normal or abnormal reasons. <\/span><\/p>\n

In idle time, workers have been paid without any production activity.\u00a0 <\/span><\/p>\n

To identify the reasons for the idle time<\/span> in the factory, an idle time card is maintained<\/span>.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

We will study the following labour variances in this topic:<\/span><\/p>\n

Labour rate variance<\/span><\/p>\n

Labour efficiency variance <\/span><\/p>\n

Labour idle time variance <\/span><\/p>\n

Labour mix variance<\/span><\/p>\n

Labour yield variance<\/span><\/p>\n

Labour cost variance<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Brief Questions<\/span><\/strong><\/h3>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

BQ: 1<\/span><\/b><\/p>\n

Following data is available for materials X:<\/span><\/p>\n\n\n\n\n\n
\n

Standard rate of materials per kg<\/span><\/p>\n<\/td>\n

\n

$40<\/span><\/p>\n<\/td>\n

\n

Actual materials consumed<\/span><\/p>\n<\/td>\n

\n

2,200 kg <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Standard quality of materials<\/span><\/p>\n<\/td>\n

\n

2,000 kg <\/span><\/p>\n<\/td>\n

\n

Actual rate of materials per kg<\/span><\/p>\n<\/td>\n

\n

$38<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Standard rate of standard mix<\/span><\/p>\n<\/td>\n

\n

$80,000<\/span><\/p>\n<\/td>\n

\n

Actual rate of actual mix<\/span><\/p>\n<\/td>\n

\n

$83,600<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Required: (three variances of materials)<\/span><\/p>\n

(a) Materials price variance; (b) Materials usage variance; (c) Materials cost variance <\/span><\/p>\n

[Answer: MPV = $4,400 F; MUV = $8,000 U; MVC = $3,600 U]<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

BQ: 2<\/span><\/b><\/p>\n

The following data related to materials are given:<\/span><\/p>\n\n\n\n\n\n
\n

Standard materials mix<\/span><\/p>\n<\/td>\n

\n

Actual materials mix<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

kg<\/span><\/p>\n<\/td>\n

\n

Rate per kg<\/span><\/p>\n<\/td>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Units<\/span><\/p>\n<\/td>\n

\n

Rate per kg <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

X<\/span><\/p>\n<\/td>\n

\n

500<\/span><\/p>\n<\/td>\n

\n

50<\/span><\/p>\n<\/td>\n

\n

X<\/span><\/p>\n<\/td>\n

\n

600<\/span><\/p>\n<\/td>\n

\n

45<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Required: (a) Materials price variance; (b) Materials usage variance; (c) Materials cost variance <\/span><\/p>\n

[Answer: MPV = $3,000 F; MUV = $5,000 U; MCV = $2,000 U]<\/span><\/i><\/p>\n

\u00a0<\/span><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

BQ: 3<\/span><\/b><\/p>\n

The following extracted data are given:<\/span><\/p>\n\n\n\n\n\n
\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

Standard<\/span><\/p>\n<\/td>\n

\n

Actual<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Labour <\/span><\/p>\n<\/td>\n

\n

No.\/mix<\/span><\/p>\n<\/td>\n

\n

Rate ($)<\/span><\/p>\n<\/td>\n

\n

Cost<\/span><\/p>\n<\/td>\n

\n

No.\/mix<\/span><\/p>\n<\/td>\n

\n

Rate($)<\/span><\/p>\n<\/td>\n

\n

Cost<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Trainee<\/span><\/p>\n<\/td>\n

\n

1,000<\/span><\/p>\n<\/td>\n

\n

25<\/span><\/p>\n<\/td>\n

\n

25,000<\/span><\/p>\n<\/td>\n

\n

1,100<\/span><\/p>\n<\/td>\n

\n

22.50<\/span><\/p>\n<\/td>\n

\n

24,750<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Required: (a) Labour rate variance; (b) Labour efficiency variance; (c) Labour cost variance <\/span><\/p>\n

[Answer: LRV = $2,750 F; LEV = $2,500 U; LCV = $250 F]<\/span><\/i><\/p>\n

\u00a0<\/span><\/p>\n

######<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

Click on the link for <\/span>YouTube<\/span><\/b> videos<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounting Equation<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/c89jkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Journal Entries in Nepali<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/uaakkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Journal Entries<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/8aakkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Journal Entry and Ledger<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/caakkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Ledger<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/haakkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Subsidiary Book<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/399jkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Cashbook<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/889jkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Trial Balance and Adjusted Trial Balance<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/c59jkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Bank Reconciliation Statement (BRS)<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/q59jkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Depreciation<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/ugakkz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Click on the link for <\/span>YouTube<\/span><\/b> videos chapter wise\u00a0 <\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Financial Accounting and Analysis (All videos)<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/jlersz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Accounting Process<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/mlersz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Accounting for Long Lived Assets<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/plersz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Analysis of Financial Statement<\/span><\/p>\n<\/td>\n

\n

http:\/\/tiny.cc\/slersz<\/a><\/span><\/b><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

######<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Descriptive Questions <\/span><\/b><\/h3>\n

Materials Variances<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 1<\/span><\/b><\/p>\n

The following data related to materials are given:<\/span><\/p>\n\n\n\n\n\n\n
\n

Standard materials mix<\/span><\/p>\n<\/td>\n

\n

Actual materials mix<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Units<\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n

\n

Amount<\/span><\/p>\n<\/td>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Units<\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n

\n

Amount<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

A<\/span><\/p>\n<\/td>\n

\n

600<\/span><\/p>\n<\/td>\n

\n

15<\/span><\/p>\n<\/td>\n

\n

9,000<\/span><\/p>\n<\/td>\n

\n

A<\/span><\/p>\n<\/td>\n

\n

500<\/span><\/p>\n<\/td>\n

\n

24<\/span><\/p>\n<\/td>\n

\n

12,000<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

B<\/span><\/p>\n<\/td>\n

\n

200<\/span><\/p>\n<\/td>\n

\n

35<\/span><\/p>\n<\/td>\n

\n

7,000<\/span><\/p>\n<\/td>\n

\n

B<\/span><\/p>\n<\/td>\n

\n

100<\/span><\/p>\n<\/td>\n

\n

60<\/span><\/p>\n<\/td>\n

\n

6,000<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

There is not any loss during production.<\/span><\/p>\n

Required: (a) Materials price variance; (b) Materials mix variance; (c) Materials usage variance; (d) Materials cost variance <\/span><\/p>\n

[Answer: MPV = $7,000 U; MMV = $1,000 F; MUV = $5,000 F; <\/span><\/i><\/p>\n

MCV = $2,000 U* SP1<\/sub> = 18.33; SP2<\/sub> = 20<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 2<\/span><\/b><\/p>\n

The following data related to materials are given:<\/span><\/p>\n\n\n\n\n\n\n\n
\n

Standard materials mix<\/span><\/p>\n<\/td>\n

\n

Actual materials mix<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Kg <\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Kg <\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

M<\/span><\/p>\n<\/td>\n

\n

200<\/span><\/p>\n<\/td>\n

\n

20<\/span><\/p>\n<\/td>\n

\n

M <\/span><\/p>\n<\/td>\n

\n

100<\/span><\/p>\n<\/td>\n

\n

35<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

N<\/span><\/p>\n<\/td>\n

\n

400<\/span><\/p>\n<\/td>\n

\n

25<\/span><\/p>\n<\/td>\n

\n

N <\/span><\/p>\n<\/td>\n

\n

200<\/span><\/p>\n<\/td>\n

\n

20<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

O <\/span><\/p>\n<\/td>\n

\n

400<\/span><\/p>\n<\/td>\n

\n

30<\/span><\/p>\n<\/td>\n

\n

O <\/span><\/p>\n<\/td>\n

\n

500<\/span><\/p>\n<\/td>\n

\n

25<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Standard and actual outputs were 1,000 units. Standard loss is 10% and actual output is 750 units.<\/span><\/p>\n

Required: (a) Materials price variance; (b) Materials mix variance; (c) Materials yield variance; (d) Materials usage variance; <\/span><\/p>\n

(e) Materials cost variance <\/span><\/p>\n

[Answer: MPV = $2,000 F; MMV = $1,200 U; <\/span><\/i><\/p>\n

MYV = $867 F; MUV = $333 U; <\/span><\/i><\/p>\n

MCV = $1,667 F *SP1<\/sub> = 27.50; SP2<\/sub> = 26; SP3<\/sub> = 28.889<\/span><\/i><\/p>\n

\u00a0<\/span><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 3<\/span><\/b><\/p>\n

The standards cost for a product of the company shows the following materials standard:<\/span><\/p>\n\n\n\n\n\n\n\n
\n

Standard<\/span><\/p>\n<\/td>\n

\n

Actual<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Quantity<\/span><\/p>\n<\/td>\n

\n

price per kg<\/span><\/p>\n<\/td>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Quantity<\/span><\/p>\n<\/td>\n

\n

price per kg<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

A<\/span><\/p>\n<\/td>\n

\n

4 kg<\/span><\/p>\n<\/td>\n

\n

$5<\/span><\/p>\n<\/td>\n

\n

A<\/span><\/p>\n<\/td>\n

\n

150 kg<\/span><\/p>\n<\/td>\n

\n

$4<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

B<\/span><\/p>\n<\/td>\n

\n

1 kg<\/span><\/p>\n<\/td>\n

\n

$10<\/span><\/p>\n<\/td>\n

\n

B<\/span><\/p>\n<\/td>\n

\n

40 kg<\/span><\/p>\n<\/td>\n

\n

$10<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

C<\/span><\/p>\n<\/td>\n

\n

5 kg<\/span><\/p>\n<\/td>\n

\n

$20<\/span><\/p>\n<\/td>\n

\n

C<\/span><\/p>\n<\/td>\n

\n

210 kg<\/span><\/p>\n<\/td>\n

\n

$25<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The standard loss is 10% Actual output of the finished product is 380 kg.<\/span><\/p>\n

Required: (1) (a) Material mixed variance; (b) Material yield variance; (c) Material price variance<\/span><\/p>\n

(2) Write down any four advantages of standard costing<\/span><\/p>\n

[Answer: MPV = $900 U; MMV = $150 U; MYV = ($287) F]<\/span><\/i><\/p>\n

*SP1 <\/sub>= 13.375; SP2<\/sub> = 13; SP3<\/sub> = 14.44<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 4<\/span><\/b><\/p>\n

The following details material standard and consumption have been provided<\/span><\/p>\n\n\n\n\n\n\n\n\n
\n

Materials<\/span><\/p>\n<\/td>\n

\n

Standard<\/span><\/p>\n<\/td>\n

\n

Actual<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Quantity<\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n

\n

Cost<\/span><\/p>\n<\/td>\n

\n

Quantity<\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n

\n

Cost<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

A<\/span><\/p>\n<\/td>\n

\n

2<\/u><\/span><\/p>\n<\/td>\n

\n

4<\/span><\/p>\n<\/td>\n

\n

8<\/u><\/span><\/p>\n<\/td>\n

\n

190<\/u><\/span><\/p>\n<\/td>\n

\n

4.00<\/span><\/p>\n<\/td>\n

\n

760<\/u><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

B<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n

\n

9<\/span><\/p>\n<\/td>\n

\n

290<\/span><\/p>\n<\/td>\n

\n

3.00<\/span><\/p>\n<\/td>\n

\n

899<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

C<\/span><\/p>\n<\/td>\n

\n

5<\/span><\/p>\n<\/td>\n

\n

2<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

510<\/span><\/p>\n<\/td>\n

\n

1.80<\/span><\/p>\n<\/td>\n

\n

918<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

$27<\/span><\/p>\n<\/td>\n

\n

990<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

$2,577<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Standard output 8 units and actual output 800 units<\/span><\/p>\n

Required: (a) Material yield variance; (b) Materials mix variance; (c) Materials use variance; (d) Materials price variances <\/span><\/p>\n

[Answer: MPV = ($73) F; MMV = ($23) F; MYV = ($27) F; MUV = ($50) F]<\/span><\/i><\/p>\n

SP1 <\/sub>= 2.677; SP2<\/sub> = 2.7; SP3<\/sub> = 3.375<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 5<\/span><\/b><\/p>\n

The details regarding materials are:<\/span><\/p>\n\n\n\n\n\n\n\n\n
\n

Materials<\/span><\/p>\n<\/td>\n

\n

Standard<\/span><\/p>\n<\/td>\n

\n

Material consumed<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

Quantity in units<\/span><\/p>\n<\/td>\n

\n

Price<\/span><\/p>\n<\/td>\n

\n

Cost<\/span><\/p>\n<\/td>\n

\n

Quantity in units<\/span><\/p>\n<\/td>\n

\n

Price<\/span><\/p>\n<\/td>\n

\n

Cost<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

A<\/span><\/p>\n<\/td>\n

\n

30<\/u><\/span><\/p>\n<\/td>\n

\n

$3<\/span><\/p>\n<\/td>\n

\n

$90<\/u><\/span><\/p>\n<\/td>\n

\n

280<\/u><\/span><\/p>\n<\/td>\n

\n

$2.75<\/span><\/p>\n<\/td>\n

\n

$770<\/u><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

B<\/span><\/p>\n<\/td>\n

\n

30<\/span><\/p>\n<\/td>\n

\n

$2<\/span><\/p>\n<\/td>\n

\n

$60<\/span><\/p>\n<\/td>\n

\n

265<\/span><\/p>\n<\/td>\n

\n

$2.00<\/span><\/p>\n<\/td>\n

\n

$530<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

C<\/span><\/p>\n<\/td>\n

\n

40<\/span><\/p>\n<\/td>\n

\n

$1<\/span><\/p>\n<\/td>\n

\n

$40<\/span><\/p>\n<\/td>\n

\n

375<\/span><\/p>\n<\/td>\n

\n

$1.20<\/span><\/p>\n<\/td>\n

\n

$450<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

100<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

$190<\/span><\/p>\n<\/td>\n

\n

920<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

$1,750<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Standard loss 20% and Actual output 720 units<\/span><\/p>\n

Required: (a) Material yield variance; (b) Materials mix variance; (c) Materials usage variance; (d) Materials price variances <\/span><\/p>\n

[Answer: MPV = $5 U; MMV = ($3) F; MYV = $38 U; MUV = $35 U]<\/span><\/i><\/p>\n

SP1 <\/sub>= 1.897; SP2<\/sub> = 1.9; SP3<\/sub> = 2.375<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Labour Variances<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 6<\/span><\/b><\/p>\n

The following extracted information is available:<\/span><\/p>\n\n\n\n\n\n\n
\n

Labour <\/span><\/p>\n<\/td>\n

\n

Standard<\/span><\/p>\n<\/td>\n

\n

Actual<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

No. of workers<\/span><\/p>\n<\/td>\n

\n

Wage rate per hour<\/span><\/p>\n<\/td>\n

\n

No. of workers<\/span><\/p>\n<\/td>\n

\n

Wage rate per hour<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Semi -skilled<\/span><\/p>\n<\/td>\n

\n

200<\/span><\/p>\n<\/td>\n

\n

$37.50<\/span><\/p>\n<\/td>\n

\n

220<\/span><\/p>\n<\/td>\n

\n

$36.00<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Unskilled<\/span><\/p>\n<\/td>\n

\n

100<\/span><\/p>\n<\/td>\n

\n

$22.50<\/span><\/p>\n<\/td>\n

\n

80<\/span><\/p>\n<\/td>\n

\n

$24.00<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Standard time fixed for work 50 hours. Work actually completed in also 50 hours. <\/span><\/p>\n

Required: (Direct) (a) Labour rate variance; (b) Labour mix variance; (c) Labour efficiency variance; (d) Labour cost variances<\/span><\/p>\n

[Answer: LRV = $10,500 F; LMV = $15,000 U; LEV = $15,000 U; <\/span><\/i><\/p>\n

LCV = $4,500 U] *SR1<\/sub> = 10,050; SR2<\/sub> = 9,750; <\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 7<\/span><\/b><\/p>\n

ABC Company gives you following standard and actual data:<\/span><\/p>\n\n\n\n\n\n\n
\n

Standard<\/span><\/p>\n<\/td>\n

\n

Actual<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Workers <\/span><\/p>\n<\/td>\n

\n

No.<\/span><\/p>\n<\/td>\n

\n

Rate per hour <\/span><\/p>\n<\/td>\n

\n

Hours\u00a0 worked<\/span><\/p>\n<\/td>\n

\n

Workers <\/span><\/p>\n<\/td>\n

\n

No.<\/span><\/p>\n<\/td>\n

\n

Rate per hour <\/span><\/p>\n<\/td>\n

\n

Hours\u00a0 Worked<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Grade A<\/span><\/p>\n<\/td>\n

\n

50<\/span><\/p>\n<\/td>\n

\n

$<\/span>50<\/span><\/p>\n<\/td>\n

\n

100<\/span><\/p>\n<\/td>\n

\n

Grade A<\/span><\/p>\n<\/td>\n

\n

30<\/span><\/p>\n<\/td>\n

\n

$<\/span>75<\/span><\/p>\n<\/td>\n

\n

120<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Grade B<\/span><\/p>\n<\/td>\n

\n

100<\/span><\/p>\n<\/td>\n

\n

$<\/span>25<\/span><\/p>\n<\/td>\n

\n

100<\/span><\/p>\n<\/td>\n

\n

Grade B<\/span><\/p>\n<\/td>\n

\n

120<\/span><\/p>\n<\/td>\n

\n

$<\/span>20<\/span><\/p>\n<\/td>\n

\n

120<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Required: (a) Labour mix variance; (b) Labour efficiency variance<\/span>; <\/span>(c) Labour rate variance; (d) Labour yield variance <\/span><\/p>\n

[Answer: LRV = $18,000 U; LMV = ($60,000) F; LYV = $100,000 U; <\/span><\/i><\/p>\n

LEV = $40,000 U] *SR1<\/sub> = 4500; SR2<\/sub> = 5000; <\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 8<\/span><\/b><\/p>\n

The following extracted data related to labour of ABC Company has given below:<\/span><\/p>\n\n\n\n\n\n\n\n
\n

Standard <\/span><\/p>\n<\/td>\n

\n

Actual <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Labour <\/span><\/p>\n<\/td>\n

\n

Hour per unit<\/span><\/p>\n<\/td>\n

\n

Rate per hour<\/span><\/p>\n<\/td>\n

\n

Labour<\/span><\/p>\n<\/td>\n

\n

Hours per unit<\/span><\/p>\n<\/td>\n

\n

Rate per hour<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Skilled <\/span><\/p>\n<\/td>\n

\n

5<\/span><\/p>\n<\/td>\n

\n

37.50<\/span><\/p>\n<\/td>\n

\n

Skilled<\/span><\/p>\n<\/td>\n

\n

4.5<\/span><\/p>\n<\/td>\n

\n

50.00<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Semi-skilled <\/span><\/p>\n<\/td>\n

\n

4<\/span><\/p>\n<\/td>\n

\n

18.75<\/span><\/p>\n<\/td>\n

\n

Semi-skilled<\/span><\/p>\n<\/td>\n

\n

4.2<\/span><\/p>\n<\/td>\n

\n

18.75<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Unskilled <\/span><\/p>\n<\/td>\n

\n

8<\/span><\/p>\n<\/td>\n

\n

12.50<\/span><\/p>\n<\/td>\n

\n

Unskilled<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

11.25<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Standard and actual productions were 1,000 units. Standard and actual gang time 48 hours in a week.<\/span><\/p>\n

Required: (Direct): (a) Labour rate variance; (b) Labour mix variance; (c) Labour yield variance; (d) Labour efficiency variance; <\/span><\/p>\n

(d) Labour cost variances<\/span><\/p>\n

\u00a0[Answer: LRV = $2,100 U; LMV = $480 U; LYV = Nil; LEV = $480 U; <\/span><\/i><\/p>\n

LCV = $2,580 U; *SR1<\/sub> = 372.5; SR2<\/sub> = 362.5; SR3<\/sub> = 17.40<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

DQ: 9<\/span><\/b><\/p>\n

The details regarding labor cost have been provided as:<\/span><\/p>\n\n\n\n\n\n\n\n\n
\n

Type<\/span><\/p>\n<\/td>\n

\n

Standard<\/span><\/p>\n<\/td>\n

\n

Actual<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

No.<\/span><\/p>\n<\/td>\n

\n

Rate\/Hour<\/span><\/p>\n<\/td>\n

\n

Cost<\/span><\/p>\n<\/td>\n

\n

No.<\/span><\/p>\n<\/td>\n

\n

Rate\/Hour<\/span><\/p>\n<\/td>\n

\n

Cost<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Skilled<\/span><\/p>\n<\/td>\n

\n

1<\/u><\/span><\/p>\n<\/td>\n

\n

$50<\/span><\/p>\n<\/td>\n

\n

50<\/u><\/span><\/p>\n<\/td>\n

\n

1<\/u><\/span><\/p>\n<\/td>\n

\n

$45<\/span><\/p>\n<\/td>\n

\n

45<\/u><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Semi- skilled<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n

\n

$30<\/span><\/p>\n<\/td>\n

\n

90<\/span><\/p>\n<\/td>\n

\n

4<\/span><\/p>\n<\/td>\n

\n

$30<\/span><\/p>\n<\/td>\n

\n

120<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Unskilled<\/span><\/p>\n<\/td>\n

\n

6<\/span><\/p>\n<\/td>\n

\n

$20<\/span><\/p>\n<\/td>\n

\n

120<\/span><\/p>\n<\/td>\n

\n

5<\/span><\/p>\n<\/td>\n

\n

$22<\/span><\/p>\n<\/td>\n

\n

110<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

260<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

275<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

40 hours a week needed to work and paid. Actual output produced 360 units. Standard output per gang hour is 8 units.<\/span><\/p>\n

Required: (direct): (a) Labour rate variance; (b) Labour mix variance; (c) Labour efficiency sub (yield) variance; <\/span><\/p>\n

(d) Labour efficiency variance; (e) Labour cost variance <\/span><\/p>\n

\u00a0[Answer: LRV = $200 U; LMV = $400 U; LYV = ($1,300) F; LEV = ($900) F; <\/span><\/i><\/p>\n

LCV = ($700) F] *SR1<\/sub> = 270; SR2<\/sub> = 260; SR3<\/sub> = 32.5<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

\u00a0<\/span><\/b><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Click on the photo for FREE <\/span><\/b>e<\/span><\/b>Books<\/span><\/b><\/p>\n

\u00a0<\/p>\n

\"\"<\/a>

ACCOUNTING, ECONOMICS, BUSINESS STUDIES, FINANCE, ENGLISH eBooks, EP Online Study<\/p><\/div>\n

\u00a0<\/span><\/b><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Analytical Questions <\/span><\/b><\/h3>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

AQ: 1 <\/span><\/b>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/b><\/p>\n

ABC Manufacturing Company provides you following information related to materials. <\/span><\/p>\n\n\n\n\n\n\n
\n

Standard materials cost with 1 ton output were:<\/span><\/p>\n<\/td>\n

\n

Actual materials cost with 1,000 kg output were:<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Materials A<\/span><\/p>\n<\/td>\n

\n

300 kg at $100<\/span><\/p>\n<\/td>\n

\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Materials A<\/span><\/p>\n<\/td>\n

\n

0.35 tons at $90,000 per ton<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Materials B<\/span><\/p>\n<\/td>\n

\n

400 kg at $50<\/span><\/p>\n<\/td>\n

\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Materials B<\/span><\/p>\n<\/td>\n

\n

0.42 tons at $60,000 per ton<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Materials C<\/span><\/p>\n<\/td>\n

\n

500 kg at $60<\/span><\/p>\n<\/td>\n

\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Materials C<\/span><\/p>\n<\/td>\n

\n

0.53 tons at $70,000 per ton<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Required: (a) Materials price variance; (b) Materials mix variance; (c) Materials yield variance; (d) Materials usage variance; <\/span><\/p>\n

(e) Materials cost variance <\/span><\/p>\n

MPV = $6,000 U; MPV = $1,113 U; MYV = $6,667 U; <\/span><\/i><\/p>\n

MUV = $7,800 U; MCV = $13,800 U]<\/span><\/i><\/p>\n

* 1 ton = 1,000 kg] *SP1<\/sub> = 67.538; SP2<\/sub> = 66.667; SP3<\/sub> = 80<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

\u00a0<\/span><\/b><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

AQ: 2<\/span><\/b><\/p>\n

XYZ Company (P) Ltd has information:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

Standard<\/span><\/p>\n<\/td>\n

\n

Actual <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Labour <\/span><\/p>\n<\/td>\n

\n

No.\/mix<\/span><\/p>\n<\/td>\n

\n

Rate ($)<\/span><\/p>\n<\/td>\n

\n

Labour <\/span><\/p>\n<\/td>\n

\n

No.\/mix<\/span><\/p>\n<\/td>\n

\n

Rate ($)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Skilled<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

50<\/span><\/p>\n<\/td>\n

\n

Skilled<\/span><\/p>\n<\/td>\n

\n

13<\/span><\/p>\n<\/td>\n

\n

48<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Semi-skilled\u00a0 <\/span><\/p>\n<\/td>\n

\n

5<\/span><\/p>\n<\/td>\n

\n

32<\/span><\/p>\n<\/td>\n

\n

Semi-skilled\u00a0 <\/span><\/p>\n<\/td>\n

\n

4<\/span><\/p>\n<\/td>\n

\n

34<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Unskilled<\/span><\/p>\n<\/td>\n

\n

5<\/span><\/p>\n<\/td>\n

\n

28<\/span><\/p>\n<\/td>\n

\n

Unskilled<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n

\n

26<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total <\/span><\/p>\n<\/td>\n

\n

20<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

Total<\/span><\/p>\n<\/td>\n

\n

20<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Normal working hours\u00a0 (STG) 40 hours\u00a0 <\/span><\/p>\n<\/td>\n

\n

Actual output realized 960 hours\u00a0 <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Standard output 1,000<\/span><\/p>\n<\/td>\n

\n

Abnormal idle time 2 hours <\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Required: (a) Labour rate variance; (b) Labour ideal time variance; (c) Labour mix variance; (d) Labour yield variance; <\/span><\/p>\n

(e) Labour efficiency variance; (f) Labour cost variance \u00a0<\/span><\/p>\n

\u00a0[Answer: LRV = ($960) F; LITV = $1,724 U; LMV = $2,356 U; <\/span><\/i><\/p>\n

LYV = ($320) F; LEV = $3,760 U; LCV = $2,800 U] <\/span><\/i><\/p>\n

*SR1<\/sub> = 862; SR2<\/sub> = 800; SR3<\/sub> = 32<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

AQ: 3<\/span><\/b><\/p>\n

APD Power (P) Ltd has following labour data:<\/b><\/span><\/p>\n\n\n\n\n\n\n\n
\n

Standard<\/span><\/p>\n<\/td>\n

\n

Actual<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Labour<\/span><\/p>\n<\/td>\n

\n

No.<\/span><\/p>\n<\/td>\n

\n

Rate per hour ($)<\/span><\/p>\n<\/td>\n

\n

Labour<\/span><\/p>\n<\/td>\n

\n

No.<\/span><\/p>\n<\/td>\n

\n

Rate per hour ($)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Grade A<\/span><\/p>\n<\/td>\n

\n

30<\/span><\/p>\n<\/td>\n

\n

48<\/span><\/p>\n<\/td>\n

\n

Grade A<\/span><\/p>\n<\/td>\n

\n

40<\/span><\/p>\n<\/td>\n

\n

42.00<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Grade B<\/span><\/p>\n<\/td>\n

\n

15<\/span><\/p>\n<\/td>\n

\n

36<\/span><\/p>\n<\/td>\n

\n

Grade B<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

40.80<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Grade C<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

24<\/span><\/p>\n<\/td>\n

\n

Grade C<\/span><\/p>\n<\/td>\n

\n

5<\/span><\/p>\n<\/td>\n

\n

18.00<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Normal working hours in week is 40 hours. Standard yield was 1,600 units. It is expected to produce by gang 2,000 hours during the period but actual yield was 1,980 hours due to four abnormal idle times.<\/span><\/p>\n

Required: <\/span>(a) Labour rate variance; (b) Labour ideal time variance; (c) Labour mix variance; (d) Labour yield variance; <\/span><\/p>\n

(e) Labour efficiency variance; (f) Labour cost variance <\/b><\/span><\/p>\n

\u00a0[Answer: LRV = ($8,880) F; LITV = $2,400 U; LMV = $7,020 U; <\/span><\/i><\/p>\n

LEV = ($23,310) F; LEV = ($13,890) F; LCV = ($22,770) F]<\/span><\/i><\/p>\n

\u00a0[Answer: LRV = ($4,040) F; LITV = $1,200 U; LMV = $3,510 U;\u00a0 <\/span><\/i><\/p>\n

LYV = ($11,655) F; LEV = ($6,945) F; LCV = ($11,385) F] <\/span><\/i><\/p>\n

*SR1<\/sub> = 2,400; SR2<\/sub> = 2,220; SR3<\/sub> = 55.50<\/span><\/i><\/p>\n

\u00a0<\/span><\/b><\/p>\n

\u00a0<\/span><\/b><\/p>\n

Here, Amount = Rs = $ = \u00a3 = \u20ac = <\/span>\u20b9<\/span> = Af = <\/span>\u09f3 <\/span>= Nu = Rf = <\/span>\u0dbb\u0dd4<\/span> = Br = P = Birr = Currency of your country<\/span>\u00a0 <\/span><\/p>\n

AQ: 4 <\/span><\/b><\/p>\n

ABC Manufacturing Company has following data related to materials and labour:<\/b><\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n
\n

Standard<\/span><\/b><\/p>\n<\/td>\n

\n

Actual<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n

\n

Kg<\/span><\/p>\n<\/td>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n

\n

Kg<\/span><\/p>\n<\/td>\n

\n

Materials<\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

450<\/span><\/p>\n<\/td>\n

\n

A<\/span><\/p>\n<\/td>\n

\n

20<\/span><\/p>\n<\/td>\n

\n

450<\/span><\/p>\n<\/td>\n

\n

A<\/span><\/p>\n<\/td>\n

\n

19<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

360<\/span><\/p>\n<\/td>\n

\n

B<\/span><\/p>\n<\/td>\n

\n

10<\/span><\/p>\n<\/td>\n

\n

360<\/span><\/p>\n<\/td>\n

\n

B<\/span><\/p>\n<\/td>\n

\n

11<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Hours<\/span><\/p>\n<\/td>\n

\n

Labour<\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n

\n

Hours<\/span><\/p>\n<\/td>\n

\n

Labour<\/span><\/p>\n<\/td>\n

\n

Rate<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

2,400<\/span><\/p>\n<\/td>\n

\n

Skilled<\/span><\/p>\n<\/td>\n

\n

40<\/span><\/p>\n<\/td>\n

\n

2,400<\/span><\/p>\n<\/td>\n

\n

Skilled<\/span><\/p>\n<\/td>\n

\n

45<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

1,200<\/span><\/p>\n<\/td>\n

\n

Unskilled<\/span><\/p>\n<\/td>\n

\n

20<\/span><\/p>\n<\/td>\n

\n

1,200<\/span><\/p>\n<\/td>\n

\n

Unskilled<\/span><\/p>\n<\/td>\n

\n

25<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For materials as well as labour, standard loss is 90 kg and actual yield is 760 kg. <\/span><\/p>\n

Required: (Direct)<\/span><\/p>\n\n\n\n\n\n\n\n
\n

Materials price variance <\/span><\/p>\n<\/td>\n

\n

Labour rate variance <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Materials mix variance <\/span><\/p>\n<\/td>\n

\n

Labour mix variance <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Materials yield variance <\/span><\/p>\n<\/td>\n

\n

Labour yield variance <\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Materials efficiency\/usage variance<\/span><\/p>\n<\/td>\n

\n

Labour efficiency\/use<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Materials cost variance<\/span><\/p>\n<\/td>\n

\n

Labour cost variance<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[Answer for materials: MPV = ($90) U; MMV = Nil; MYV = ($700) F; <\/span><\/i><\/p>\n

MUV = ($700) F; MCV = ($790) F]<\/span><\/i><\/p>\n

SP1<\/sub> = 15.556; SP2<\/sub> = 15.556; SP3<\/sub> = 17.5<\/span><\/i><\/p>\n

[Answer for labour: LRV = $18,000 U; LMV = Nil; LYV = ($6,669) F; <\/span><\/i><\/p>\n

LEV = ($6,669) F; LCV = $11,331 U]<\/span><\/i><\/p>\n

SR1<\/sub> = 120,000; SR2<\/sub> = 120,000; SR3<\/sub> = 166.67<\/span><\/i><\/p>\n

\u00a0<\/span><\/p>\n

EP <\/span>Online <\/span>Study <\/span><\/p>\n

Thank you for investing your time.<\/span><\/i><\/p>\n

Please comment on the article <\/span><\/i>and<\/span><\/i> share this post on your social media platform.<\/span><\/i><\/p>\n

\u00a0<\/span><\/p>\n

Jay G<\/span>o<\/span>o<\/span>g<\/span>l<\/span>e<\/span>, Jay YouTube<\/span>, Jay Social Media<\/span><\/span><\/p>\n

\u091c\u092f<\/span> \u0917\u0942<\/span>\u0917<\/span>\u0932<\/span>.<\/span> \u091c\u092f<\/span> \u092f\u0941\u091f\u094d\u092f\u0941\u092c<\/span>,<\/span> \u091c\u092f<\/span> \u0938\u094b\u0936\u0932<\/span> \u092e\u0940\u0921\u093f\u092f\u093e\u00a0<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

  \u00a0 Standard Costing Standard costing is pre-determined cost. It is determined in advance of production like cost of materials, wages or labour, overheads etc. It is a management accounting tools for management control. It is applied to compare the actual cost with variance. It is used for following process: Establishment of standard cost To […]<\/p>\n","protected":false},"author":19997,"featured_media":6113,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2306,11,3125],"tags":[2915,2913,2914,3167,3174,3175,2016],"writers":[144],"yoast_head":"\nStandard Costing | Material Variance | Labour Variance | BQ | DQ | AQ<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/eponlinestudy.com\/standard-costing-material-variance-labour-variance-bq-dq-aq\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard Costing | Material Variance | Labour Variance | BQ | DQ | AQ\" \/>\n<meta property=\"og:description\" content=\"  \u00a0 Standard Costing Standard costing is pre-determined cost. 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