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If standard cost of labour and standard cost of material for producing of one unit of finished production are estimated as under:

Material 160 kg @ $3 per kg,
Labour 36 hours @ $2.50 per hour.

On completion of the production of a finished unit of the product it was found that 150 kg of material costing @ $3 per kg was consumed and that the time taken was 32 hours, the wage rate was $3 per hour. Find material Variance.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966406

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