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New Land manufactures single product and uses standard costing system. According to standard cost card standard price of material is Rs.20 and standard cost of material per unit is Rs.50 Manufacturing overheads are absorbed on the basis of direct labour hours. According to standard 2.5 Direct labour hours are required for one unit. Standard cost per unit of direct labour is Rs.25 and of variable manufacturing overhead is Rs.10 Actual data for the whole year is given below
Quantity or Hours Rs.
Direct material 35000 770000
Direct labour 27440 301840
Variable manufacturing
overhead 27440 54200
Actual Units Produced 11200
Requirements
Question 1: Material price and quantity variance.
Question 2: Direct labour rate and efficiency variance.
Question 3: Variable manufacturing overhead rate and efficiency variance
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