The following information is available from the cost records of a Company for the month of July, 2018 : (1) Material purchased (2) Material consumed (3) Actual wages paid for (4) Fixed Factory...

Extracted text: The following information is available from the cost records of a Company for the month of July, 2018 : (1) Material purchased (2) Material consumed (3) Actual wages paid for (4) Fixed Factory overhead incurred (5) Fixed Factory overhead budgeted (6) Units produced (7) Standard rates and prices are : $90,000 22,000 pieces 21,000 pieces 5,150 hours $25,750 $ 46,000 $42,000 1,900 $ 4.50 per piece 10 pieces per unit $ 6 per hour 2.5 hours per unit $ 8 per labour hour You are required to calculate : (i) Material price variance; (ii) Material usage variance; (iii) Direct material Standard input Direct labour rate Standard requirement Overhead Labour rate variance; (iv) Labour efficiency variance; (v) Fixed overhead expenditure variance