please answer all parts of the question within 30 minutes. make sure all parts are answered else i will give negative ratings. Minh Hoang manufactures product B. Thecompany uses a standard costing system and setsthe following standards for direct materials andlabor (for a single product):ItemNormUnit priceCostDirect material1kg150,000VND/kg150,000VND/unitDirect labor420,000VND/hour80,000 VND/unithourMinh Hoang produced 100,000 products of Awith the material consumption of 110,000kg withthe unit price of 155,000 VND/kg. Actual labor is410,000 hours with unit price of 25,000VND/hour. Expected output is 105,000 products.Required:a. Break down the material cost variance into differentrelated variances: price variance, usage variance andvolume variance.b. Break down the labor cost variance into differentrelated variances: price variance, usage variance andvolume variance.c. Identify favorable and adverse variances.

Variance analysis: It is the technique in budgeting that allows for analysis of the variances…

a. Break down the material cost variance into different related variances: price variance, usage variance and volume variance. b. Break down the labor cost variance into different related variances: price variance, usage variance and volume variance. c. Identify favorable and adverse variances.

a. Break down the material cost variance into different related variances: price variance, usage variance and volume variance. b. Break down the labor cost variance into different related variances: price variance, usage variance and volume variance. c. Identify favorable and adverse variances.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PB: The following product costs are available for Stellis Company on the production of erasers: direct...

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