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Calculate the standard costing variances for the materials

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Reference no: EM132998827

Question - Simple Ltd uses variance analysis as a method of cost control. Information for the year ended 30 June 2000 is as follows;

Budget Production for the year 1400 units

Direct materials (Quantity 2800 at £4) £11,200

Direct Labour (700 hours at £9.5/hour) £6,650

Total £17,850

Actual Production for the year 1,200 units

Labour hours for year 750 hours

Labour cost for year £7,200

Materials used in year 2,700

Materials cost for year £10,260

Required - Calculate the standard costing variances for the materials and labour.

Reference no: EM132998827

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