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Solve favourable or unfavourable flexible budget variance

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Life Learning Ltd is producing and selling small magnetic white boards for kids in NSW. For May 2019, Life Learning Ltd had the cost data follows:

Standard per unit board

Direct materials               2 kilograms of direct material at $10.20 per kilogram
Direct labour                     0.5 hour of direct labour hour at $16.00 per hourg

At the end of May 2019 the actual performance indicating the following:

Actual production: 1 850 units

Direct materials purchased and used 3 850 kilograms at purchase price of $10.50 per kilogram

Direct labour costs $16 150 with actual hours used 950 hours

Required (show your workings):

Question (a) Calculate the favourable or unfavourable flexible budget variance for direct materials

Question (b) Calculate the favourable or unfavourable price variance for direct materials

Question (c) Calculate the favourable or unfavourable efficiency variance for direct materials

Question (d) Give a plausible explanation for the variance that occurred for direct materials

Question (e) Calculate the favourable or unfavourable flexible budget variance for direct labour

Question (f) Calculate favourable or unfavourable price variance for direct labour

Question (g) Calculate the favourable or unfavourable efficiency variance for direct labour

Question (h) Give a plausible explanation for the variance that occurred for direct labour

Reference no: EM132560654

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