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The standard cost of material and standard cost of labour, for producing of one unit of finished production are estimated as under: Material 80 kg @ $1.50 per kg, Labour 18 hours @ $1.25 per hour. On completion of the production of aa finished unit of the product it was found that 75 kg of material costing @ $1.75 per kg was consumed and that the time taken was 16 hours, the wag rate was $1.50 per hour. Find only Material Variance.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9965805

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