Direct Labour – NBC Institute

MI – Nov 2021 – L1 – SB – Q2b – Basic Variance Analysis

State causes of variances for direct material and direct labour.

Question

State the causes of the variances in Direct Material and Direct Labour calculated in Question 2a.

Answer

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Tags: Direct Labour, Direct Material, Variance Analysis
Level: Level 1

Topic: Basic Variance Analysis
Series: NOV 2021

MI – Nov 2021 – L1 – SB – Q2a – Basic Variance Analysis

Calculate material, labour, and overhead variances for a single product manufacturing company.

Question

The following data was extracted from the records of a company manufacturing a single product:

Answer

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Tags: Direct Labour, Direct Material, Overhead, Variance Analysis
Level: Level 1

Topic: Basic Variance Analysis
Series: NOV 2021

MI – Nov 2022 – L1 – SB – Q3 – Costing Methods

Preparation of a standard cost card for Beta's product based on given rates

Question

The details below relate to a product (BETA) and are to be used in the revision of its standard cost:

Item	Standard Price/Rate
Material
30kg of B35	₦200/kg
50 units of K010	₦50/unit
20 units of K035	₦100/unit
Direct Labour
Machine Operations: 50 hours	₦120/hour
30 hours	₦105/hour
27 hours	₦80/hour
Packaging: 12 hours	₦96/hour

Production Overhead:

Labour hour rate: ₦9/hour
Machine hour rate: ₦7/hour

Departments X, Y, and Z are for operations while department P is for packaging. The batch quantity is 200, and the revision date is April 30, 2020.

Required:
Prepare a STANDARD COST CARD for the product (Beta).

Answer

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Tags: Cost Card, Direct Labour, Materials, Overheads, Standard Costing
Level: Level 1

Topic: Costing Methods
Series: NOV 2022

MI – May 2016 – L1 – SA – Q5 – Costing Methods

Calculate the absorption rate using Direct Labour for product YZ based on the given data.

Question

The following data were extracted from the records of ABCYZ Limited in respect of its product YZ:
The absorption rate using Direct Labour is
A. N2.00
B. N8.00
C. N12.00
D. N24.00
E. N40.00

Answer

Find Related Questions by Tags, levels, etc.

Tags: Absorption Rate, Costing, Direct Labour, Overhead Allocation
Level: Level 1

Topic: Costing Methods
Series: MAY 2016

MI – Nov 2021 – L1 – SB – Q2b – Basic Variance Analysis

State causes of variances for direct material and direct labour.

Question

State the causes of the variances in Direct Material and Direct Labour calculated in Question 2a.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Labour, Direct Material, Variance Analysis
Level: Level 1

Topic: Basic Variance Analysis
Series: NOV 2021

MI – Nov 2021 – L1 – SB – Q2a – Basic Variance Analysis

Calculate material, labour, and overhead variances for a single product manufacturing company.

Question

The following data was extracted from the records of a company manufacturing a single product:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Direct Labour, Direct Material, Overhead, Variance Analysis
Level: Level 1

Topic: Basic Variance Analysis
Series: NOV 2021

MI – Nov 2022 – L1 – SB – Q3 – Costing Methods

Preparation of a standard cost card for Beta's product based on given rates

Question

The details below relate to a product (BETA) and are to be used in the revision of its standard cost:

Item	Standard Price/Rate
Material
30kg of B35	₦200/kg
50 units of K010	₦50/unit
20 units of K035	₦100/unit
Direct Labour
Machine Operations: 50 hours	₦120/hour
30 hours	₦105/hour
27 hours	₦80/hour
Packaging: 12 hours	₦96/hour

Production Overhead:

Labour hour rate: ₦9/hour
Machine hour rate: ₦7/hour

Departments X, Y, and Z are for operations while department P is for packaging. The batch quantity is 200, and the revision date is April 30, 2020.

Required:
Prepare a STANDARD COST CARD for the product (Beta).

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Card, Direct Labour, Materials, Overheads, Standard Costing
Level: Level 1

Topic: Costing Methods
Series: NOV 2022

MI – May 2016 – L1 – SA – Q5 – Costing Methods

Calculate the absorption rate using Direct Labour for product YZ based on the given data.

Question

The following data were extracted from the records of ABCYZ Limited in respect of its product YZ:
The absorption rate using Direct Labour is
A. N2.00
B. N8.00
C. N12.00
D. N24.00
E. N40.00

Answer

Find Related Questions by Tags, levels, etc.

Tags: Absorption Rate, Costing, Direct Labour, Overhead Allocation
Level: Level 1

Topic: Costing Methods
Series: MAY 2016

Question Tag: Direct Labour

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MI – Nov 2021 – L1 – SB – Q2b – Basic Variance Analysis

State causes of variances for direct material and direct labour.

MI – Nov 2021 – L1 – SB – Q2a – Basic Variance Analysis

Calculate material, labour, and overhead variances for a single product manufacturing company.

MI – Nov 2022 – L1 – SB – Q3 – Costing Methods

Preparation of a standard cost card for Beta's product based on given rates

MI – May 2016 – L1 – SA – Q5 – Costing Methods

Calculate the absorption rate using Direct Labour for product YZ based on the given data.

MI – Nov 2021 – L1 – SB – Q2b – Basic Variance Analysis

State causes of variances for direct material and direct labour.

MI – Nov 2021 – L1 – SB – Q2a – Basic Variance Analysis

Calculate material, labour, and overhead variances for a single product manufacturing company.

MI – Nov 2022 – L1 – SB – Q3 – Costing Methods

Preparation of a standard cost card for Beta's product based on given rates

MI – May 2016 – L1 – SA – Q5 – Costing Methods

Calculate the absorption rate using Direct Labour for product YZ based on the given data.

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MI – Nov 2021 – L1 – SB – Q2b – Basic Variance Analysis

State causes of variances for direct material and direct labour.

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MI – Nov 2021 – L1 – SB – Q2a – Basic Variance Analysis

Calculate material, labour, and overhead variances for a single product manufacturing company.

You're reporting an error for "MI – Nov 2021 – L1 – SB – Q2a – Basic Variance Analysis"

MI – Nov 2022 – L1 – SB – Q3 – Costing Methods

Preparation of a standard cost card for Beta's product based on given rates

You're reporting an error for "MI – Nov 2022 – L1 – SB – Q3 – Costing Methods"

MI – May 2016 – L1 – SA – Q5 – Costing Methods

Calculate the absorption rate using Direct Labour for product YZ based on the given data.

You're reporting an error for "MI – May 2016 – L1 – SA – Q5 – Costing Methods"

MI – Nov 2021 – L1 – SB – Q2b – Basic Variance Analysis

State causes of variances for direct material and direct labour.

You're reporting an error for "MI – Nov 2021 – L1 – SB – Q2b – Basic Variance Analysis"

MI – Nov 2021 – L1 – SB – Q2a – Basic Variance Analysis

Calculate material, labour, and overhead variances for a single product manufacturing company.

You're reporting an error for "MI – Nov 2021 – L1 – SB – Q2a – Basic Variance Analysis"

MI – Nov 2022 – L1 – SB – Q3 – Costing Methods

Preparation of a standard cost card for Beta's product based on given rates

You're reporting an error for "MI – Nov 2022 – L1 – SB – Q3 – Costing Methods"

MI – May 2016 – L1 – SA – Q5 – Costing Methods

Calculate the absorption rate using Direct Labour for product YZ based on the given data.

You're reporting an error for "MI – May 2016 – L1 – SA – Q5 – Costing Methods"

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Contact Info

Customer

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