Question: RICE PROCESSORS PLC Rice Processors Plc uses a standard costing system. Fix osting system. Fixed production overhea is absorbed on the basis of direct labour

RICE PROCESSORS PLC Rice Processors Plc uses a standard costing system.

RICE PROCESSORS PLC Rice Processors Plc uses a standard costing system. Fix osting system. Fixed production overhea is absorbed on the basis of direct labour hours. The following data relate to a particular period of operation: Standard price of material/kg GH5.90 Actual material issued to production 4,110kg Standard labour hours 1,680 Actual direct labour hours 1.760 Actual fixed overhead GH5,620 The following variances were calculated at the end of the period Direct material cost Direct material usage Direct labour efficiency Direct labour cost Fixed overhead cost Regud: Scanner (a) Calculate: GH 702(A) 531(F) 336(A) 16(F) 92(F) Standard quantity of material 4199kg 4,200ks 4110kg 420 1kg Actual price of material per kg GHC6 GHC 5.90 GHC6.20 GHC 6.1 Standard direct labor rate GHC4 GHC 3.39 GHC 42 GHC 4.1 Actual direct labor rate GHC 4.2 GHC41 GHC 4 GHC 43

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