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Aqua Company Ltd manufactures recyclable soft drink cans. A unit of production is a case of twelve (12) dozen cans. The following standards have been set by the production engineering staff and the management accountant:
Direct Material $3.12 Quantity 4 kg Price $0.78 per kg
Direct Labour $4.025Quantity 0.25 hourRate $16.10 per hour
Actual costs incurred in the production of 50,000 units were as follows:
Direct Material $170,100 for 210,000 kgDirect Labour $210,600 for 13,000 hours
Problem a) Use the variance formulas to calculate the direct material price and quantity variances and the direct labour rate and efficiency variances. Indicate whether each variance is favourable or unfavourable.
Problem b) Comment on the company's material variances
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