3. STANDARD COSTNG
A company produces a product which has a standard variable production cost of $8 per unit made up as follows:
S Per unit Direct material S4.60 (2kgX S2.30 per kg) Direct labour S2.10 (0.7 hours X $3.00 per our) Variable overhead S.30
Fixed manufacturing costs are treated as period costs. The following information is available for the period just ended.
Variable manufacturing cost of sales (at standard cost) $263,520 Opening stock of finished goods (at standard cost) S120,800 Closing stock of finished goods (at standard cost) S146,080 Direct material price variance $2,571 unfavourable Raw materials used in manufacture (at actual cost) $170,310 Direct labour rate variance $4,760 unfavourable Direct labour efficiency variance $3.240 favourable
(a) Determine for the period just ended.
(i) The number of units produced. (ii) The raw material usage variance. (iii) The total actual direct labour cost, and (iv) The actual cost per kg of raw material used.
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