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II. New Motion Ltd. manufactures a single product which has selling price is 120 per...

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Accounting

II. New Motion Ltd. manufactures a single product which has selling price is 120 per unit. The
monthly budget units are 1000 units.
Direct material 20 units @ 3 per unit 60
Direct labour 3 hours @ 5 per hour 15
Variable overheads 5 hours @ 2 per hour 10
Fixed overheads 5 hours @ 1 per hour 5
90
Actual figures for the month of September are as follows:
Production 1,200 units
Direct material 23,000 units @ 4 per unit
Direct Wages 3,500 hours @ 5.2
Variable overheads 11,000
Fixed overheads 6,000
Required: Calculate the material, labour and overhead variances for the month of September
and prepare summary of variances report with explanation referred to responsibility
persons for the variances.

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