Problem 1: The Walter Group provides the following data for June 2019 when 15,000 units were manufactured.
Standard Material cost (per Unit) 8.50kg @ $7.50 per Kg.
Actual Material cost (Per Unit) 6.75Kg @ $13.5 per Kg.
Standard Labour cost (Per Unit) 5.5hrs @ $15 per hour
Actual Labour cost (Per Unit) 6.5hrs @ $12.2 per hour
Calculate the following:
1. Direct Material Variance
2. Direct Material Quantity/Usage Variance
3. Total Material Cost Variance
4. Direct Labour rate Variance
5. Direct Labour efficiency Variance
6. Total Labour Cost Variance
Problem 2: Calculate variable overhead spending variance if actual labour hours used are 260, standard variable overhead rate is $10.40 per direct labour hour and actual variable overhead rate is $9.30 per direct labor hour. Also specify whether the variance is favorable or unfavorable.
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