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10.31 During January, Microchem Ltd accounting records indicated the following: Direct material purchased Direct material...

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Accounting

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10.31 During January, Microchem Ltd accounting records indicated the following: Direct material purchased Direct material used Direct labour units accounting records inhmLId produced 1000 units of special product called Stylex, and the 36000 kllograms@$1.38 per kilogram 19000 kllograms 4200 hours $18 per hour Stylex has the following standard prime costs: Direct material: 20 kllograms $1.35 per kllogram Direct labour hours: 4 hours$17 per hour Standard prime cost per unit $27.00 68.00 $95.00 Required 1 Calculate the total standard direct material costs and direct labour costs for January. For the month f January, calculate the following variances, indicating whether each is favourable or unfavourable: (a) Direct material price variance. (b) Direct material quantity variance (c) Direct labour rate variance. (d) Direct labour efficiency variance. pg. 5

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