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From the following record of Elbert Limited, you are required to compute Material variance, one metric tons of material input yields a standard output of one lakh units.

If the number of employees: 200,The standard wage rate per employee per day: $6

Standard Price of material: $20 per kg
Actual quantity of material issued and used by production department: 10 metric tones
Actual price of material: $21 per kg
Actual output: 900000 units
Actual wage rate per day: $6.50
Standard daily output per employee: 100 units
Total number of days worked: 50

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9965807

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