From the following record of Elbert Limited, you are required to compute Materia

Question

From the following record of Elbert Limited, you are required to compute Material variance, one metric tons of material input yields a standard output of one lakh units.

If the number of employees: 200

The standard wage rate per employee per day: $6

Standard Price of material: $20 per kg

Actual quantity of material issued and used by production department: 10 metric tones

Actual price of material: $21 per kg

Actual output: 900000 units

Actual wage rate per day: $6.50

Standard daily output per employee: 100 units

Total number of days worked: 50

Explanation / Answer

Material cost variance = (SP x SQ)

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