Q.3 ABC manufacturing company set up the following standard cost for the forthcoming period for its...

Q.3 ABC manufacturing company set up the following standard cost for the forthcoming period for its product. Standard cost card. Direct Material (2kg @ Rs.3.00 per kg)…………… .Rs.6.00 Direct Labor (2 hours @ Rs.4 per hour)……………...8.00 Variable overhead (@ Rs.3 per direct labor hour)….........6.00 Fixed overhead (@ Rs.2. per direct labor hour)..……..…4.00 Total production cost per unit……………………… 24.00 Profit………………………………………………...........6.00 Selling price………………………... …………………..30.00 Budgeted production and sales estimated…………….20,000 units Actual results for the period were as under: -Actual production and sales were 15,000 units @ 31.00 -Direct material purchased and used 31,500kg @ Rs.2.95 per kg -Direct wages paid 29,500 hours @ R.4.15 per hour. -Variable overhead incurred………………Rs.100,000 -Fixed overhead incurred ………………. .Rs.75,000 Required: Compute and identify the person responsible for these variances (Marks-10) a. Material Variances (price, quantity and total variances) b. Labor variance (rate, efficiency and total variances) c. Variable overhead variances (spending (expenditure), efficiency and total variances) d. Fixed overhead variances (expenditure (budget), volume and total variances) e. Sales variances (price, quantity and total variance)

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