Reference no: EM132575074

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