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The ABC Company uses standard costing and has established the following standards for its single...

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Accounting

The ABC Company uses standard costing and has established the following standards for its single product: Direct Materials 2 litres at $3 per litre Direct Labour 0.5 hours at $8 per hour Variable Manufacturing Overhead 0.5 hours at $2 per hour During March, the company made 4,000 units and incurred the following costs: Direct Materials Purchased 8,100 litres at $3.10 per litre Direct Materials Used 7,600 litres Direct Labour Used 2,200 hours at $8.25 per hour Actual Variable Manufacturing Overhead 4,175 The company applies variable manufacturing overhead to products on the basis of direct labour hours.

Question 1 What was the materials price variance for March? (2 marks) $Answer, Answer

Question 2 What was the materials quantity variance for March? (2 marks) $Answer, Answer

Question 3 What was the labour rate variance for March? (2 marks) $Answer, Answer

Question 4 What was the labour efficiency variance for March? (2 marks) $Answer, Answer

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