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Maganlal Industries actually produce 300000 units …

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Maganlal Industries actually produce 300000 units of a single product having the following information. 17.5 Standard production of material of 3000 units with of 10 kg of material having a price of Rs 150/kg. However, 1200 kg of material was actually issued to the production department having a price of 180/kg. In a factory, 150 workers were working. The standard payment of daily wages to them is Rs 16 per worker to produce 60 units. Actual days of work 40 having payment of Rs 18 per worker per day. Ideal time included in this was ½ day per worker. Total no of workers – 150. Calculate (1)Material Cost Variance (2)Material Price Variance (3)Material Usage Variance (4)Labour Cost Variance (5)Labour Rate Variance (6)Labour Efficiency Variance (7)Ideal Time Variance
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