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  3. the salim corporation uses a standard cost system.

The Salim Corporation uses a standard cost system. At the beginning of 2019 the following...

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The Salim Corporation uses a standard cost system. At the beginning of 2019 the following standards were in operation for one of its products: Input Cost Direct materials 3 kgs. @ $2.6 per kg. $ 7.80 Direct labour 5 hrs. @ $7.3 per hr. 36.50 Manufacturing overhead: Variable $5 hrs @ $3.00 per hr 15.00 Fixed $5 hrs @ $4.00 per hr 20.00 Standard cost per unit $79.30 The budgeted production for 2019 was 8,000 units. Actual production in 2019 was 7,800 units. Other actual results for 2019 were as follows: Direct materials purchased were 26,000 kgs. @ $2.50. There were no beginning inventories. Ending inventory of direct materials was 1,800 kgs. b. Direct labour, 40,050 hours at a cost of $300,375.00 a. Required: Prepare the flexible budget variances for Direct Materials and Direct Labor, breaking them into their respective price (rate) and efficiency (usage, quantity) components. Be sure to properly identify your variances as favourable (F) or unfavourable (U) (4 marks

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