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Calculate price and usage variances

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Reference no: EM132968697

Question - Standard costing - Gough Ltd manufactures a product with a standard material cost of $11. This is made up as follows.

Material X 2 kg at $1.00

Material Y 6 kg at $1.50

Actual production of 1,010 units required the following material purchases.

Material X 2,200 kg $2,530

Material Y 6,080 kg $8,512

There were no opening and closing inventories, and materials X and Y are not substitutable.

Using information calculate price and usage variances and provide possible causes of them?

Reference no: EM132968697

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