This document contains 3 practice questions on standard costing. Question 1 asks to calculate the material price and usage variances given standard and actual costs of materials to produce groundnut oil. Question 2 asks to calculate the material variances given standard and actual material quantities and prices used to produce a chemical. Question 3 asks to calculate all variances given standard and actual direct material, direct labor, and variable overhead costs to produce a finished good.
This document contains 3 practice questions on standard costing. Question 1 asks to calculate the material price and usage variances given standard and actual costs of materials to produce groundnut oil. Question 2 asks to calculate the material variances given standard and actual material quantities and prices used to produce a chemical. Question 3 asks to calculate all variances given standard and actual direct material, direct labor, and variable overhead costs to produce a finished good.
This document contains 3 practice questions on standard costing. Question 1 asks to calculate the material price and usage variances given standard and actual costs of materials to produce groundnut oil. Question 2 asks to calculate the material variances given standard and actual material quantities and prices used to produce a chemical. Question 3 asks to calculate all variances given standard and actual direct material, direct labor, and variable overhead costs to produce a finished good.
This document contains 3 practice questions on standard costing. Question 1 asks to calculate the material price and usage variances given standard and actual costs of materials to produce groundnut oil. Question 2 asks to calculate the material variances given standard and actual material quantities and prices used to produce a chemical. Question 3 asks to calculate all variances given standard and actual direct material, direct labor, and variable overhead costs to produce a finished good.
Standard Costing Practice Questions Question 1 The standard cost card shows the following details relating to the material needed to produce 1 ltr of groundnut oil: Quanity of groundnut required 3 kg Price of groundnut Rs 2.50 per kg Actual production data: Production during the week 1,000 kg Quantity used 3500 kg Price of groundnut per kg. Rs 3 per kg Required : Calculate material price and usage variance
Question 2 80 Kgs of material A at standard price of Rs 2 per kg and 40 kgs of material B at a standard price of Rs 5 per kg were to be used to manufacture 100 kgs of a chemical. During the month 70 kgs of material A priced at 2.10 per kg and 50 kgs of material B priced at 4.50 per kg were actually used and the output of the chemical was 102 kgs. Required: find out material variances.
Question 3 Standard Cost card to produce 1 unit is as under; Particulars Per Unit Cost Direct Material (20kgs@ Rs 35/kg) 700 Direct Labour (4 hours @ Rs 125/hours) 500 Variable Overheads (60% of labour) 300
FROM THE DESK OF AHMED RAZA MIR (FCA) 1
Practice Manual Cost & Management Accounting
Actual Results Actual Output 2750 units of finished goods Particulars Kgs/Hrs Direct Material (21 kgs@ Rs 30/kg) 57,750 Direct Labour (4.5 hours @ Rs 125/hours) 12,375 Variable Overheads (60% of labour) 12,375
