| 01. |
The Standard Labour Cost per unit of product ‘Y’ is:
|
Rs. |
| Grade I – 5 hours |
5.00 |
| Grade II – 8 hours |
4.00 |
| Grade III – 10 hours |
4.00 |
|
13.00 |
For 500 units of production, following wage payments were made:
|
Rs. |
| Grade I – 2,400 hours |
2,640 |
| Grade II – 6,000 hours |
2,700 |
(1,000 hrs idle) |
| Grade III – 10 hours |
2,940 |
(500 hrs idle) |
Reconcile the Standard Labour Cost with Actual Labour Cost for 500 units of production of ‘Y’ .
Solution
[LCV = ; LRPV = ; LEV/LUV = ; LITV = –
LMV/LGCV = 0 ;LYV/LSUV = ;]
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cost,material,labour,fixed,variable,overhead,sales,profit,variance,reconciliation,standard,actual,formula interpretation,accounting.
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