Reference no: EM133096873
Question - Trafalgar Producers Ltd. operates a standard costing system, which provides the company with cost information that is vital to its budget preparation each period. One of the products produced by the company is "Work Right". At the end of September 2016, the following information was extracted from the company's records:
Details and Standard cost per unit $
Direct raw materials 20 litres at $40 each 800
Direct labour 3 hours at $150 each 450
Total 1,250
Actual results for the month:
Opening stock direct raw materials - 20,000 litres
Production - 5,000 litres
Direct raw materials purchased was 90,000 liters valued at $3,420,000
Closing stock of direct raw materials 8,000 litres
Direct labour 15,200 hours at a cost of $2,219,200
Required -
1. Calculate direct raw material price variance.
2. Calculate direct raw material usage variance.
3. Calculate direct labour rate variance.
4. Calculate direct labour efficiency variance.
5. Explain the concept of "standard costing".
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