From the following record of Elbert Limited, you are required to compute Material variance, one metric tons of material input yields a standard output of one lakh units.
If the number of employees: 200,The standard wage rate per employee per day: $6
- Standard Price of material: $20 per kg
- Actual quantity of material issued and used by production department: 10 metric tones
- Actual price of material: $21 per kg
- Actual output: 900000 units
- Actual wage rate per day: $6.50
- Standard daily output per employee: 100 units
- Total number of days worked: 50