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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 0.2 litres 0.05 hour $3.50 per litres $48.00 per hour Total standard product cost per unit 0.70 S 2.40 $ 3.10 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: S Cost per litre: Total cost: 72,000 $3.60 S. 114,570 Calculate the Direct Labour Efficiency Variance Note: You MUST indicate whether the variance is Unfavourable or Favourable by entering either a U or an F after entering a positive number as the variance, e.g. If you wish to enter 1000 as the variance and it is favourable, enter 1000F (use upper case letters)

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