Question: Consider the following data for Veer Ltd: Direct Materials Direct Labor Actual price per unit of inputs (Kg and hour) in Rs 7.5 12 Standard

  1. Consider the following data for Veer Ltd:

Direct Materials

Direct Labor

Actual price per unit of inputs (Kg and hour) in Rs

7.5

12

Standard price per unit of inputs in Rs

7

14

Standard inputs allowed per unit of output

8

2

Actual units of inputs

1,16,000

29,000

Actual units of output (product)

14,400

14,400

Calculate the Price variance and the Usage variances for the direct material and the direct labor and the Total variance. What could be the rationale for such a Price variance? Use UF or F to indicate whether the variances are unfavorable or favorable respectively.

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