27. The standard set for material consumption was 100 kg @ 3.25 per unit. In a cost period: Opening stock was 100 kg e3.25 per unit. Purchases made 500 kg e73.15 per unit. Consumption 110units Calculate: a)Usage Variance b)Price Variance 1) When variance is calculated at point of purchase 2) When variance is calculated at point of issue on FIFO basis 3) When variance is calculated at point of issue on LIFO

27. The standard set for material consumption was 100 kg @ 3.25 per unit. In a cost period: Opening stock was 100 kg e3.25 per unit. Purchases made 500 kg e73.15 per unit. Consumption 110units Calculate: a)Usage Variance b)Price Variance 1) When variance is calculated at point of purchase 2) When variance is calculated at point of issue on FIFO basis 3) When variance is calculated at point of issue on LIFO

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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