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Vulcan Supplements makes fuel additives for use in motor racing and uses a standard costing...

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Finance

Vulcan Supplements makes fuel additives for use in motor racing and uses a standard costing system to monitor both sales and production costs to evaluate performance. The budgeted and actual prime cost data for the past month when 50,000 litres were produced is shown below: Standard prime costs: Standard Material Input cost per unit Standard labour costs Total standard product cost per unit 0.2 litres 0.05 hour $3.50 per litres $48.00 per hour Actual costs: Units produced this period: Direct material purchased: Direct material used in production: Direct labour hours and total cost: Required: 50,000 litres 20.000 10.200 2,375 Total cost: $ Cost per litre: Total cost: 72,000 S3.60 . 114,570 Calculate the Direct Material Quantity Variance

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