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35 Material Yield Variance = 8,550 - 7,980 =570 F + Material Mix Variance + = 27,980 - 7,850 = 130 F Material Price Variance FIFO: 7,850 - 8,295 = 445 A =LIFO: 7,850 - ? 8,430 = 2 580 A Material Usage Variance Material Price Variance b/fd as above = 28,550 - 7,850 = 2 700 F = FIFO: 445 A, LIFO: = 580 A Total Material Cost Variance - FIFO Method: 8,550 - 28,295 = 255 F = LIFO Method: 8,550 - 8,430 = 120 F Note: Material Purchase Price Variance (MPPV) - (PQ * SP) - (PQ AP) =PQ * (SP-AP) = 680 A, computed as under For A - 800 kg x 4.00 - 2 4.50) = ? 400 A For B = 1,000 kg * 3.00 -3.50) - 500 A For C = 1,100 kg * ( 2.00 -1.80) = 220 F 2. Labour Cost Variances 5. Labour Cost Variances - Various Methods of Classification Given the following data, compute the relevant variances - Particulars Skilled Semi-skilled Un-skilled Number in Standard gang (for 40 hour week) 16 Standard Rate per hour () 2 Actual number in the gang (for 42 hour week) 2 Actual Rate of pay ) 4 3 In the week, the gang as a whole produced 900 standard hours. However, 4 hours per worker was considered idle time due to machine breakdown 3 1 3 14 ON 2