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Calculate the price and efficiency variances

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Ched Ltd manufactures Cheddar cheese pies. For January 2008, it budgeted to purchase and use 15 000 kg of Cheddar cheese at £0.89 per kg; budgeted output was 60 000 pies. Actual purchase and use for January 2008 was 16 000 kg at £0.82 per kg; actual output was 60800 pies.

Required

Question i. Calculate the flexible-budget variance.

Question ii. Calculate the price and efficiency variances.

Question iii. Comment on the results in requirements 1 and 2.

Reference no: EM132562222

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