The following information was obtained from the records of a manufacturing unit using standard costing system.
|
Particulars |
Standard |
Actual |
|
Production |
4, 000 |
3, 800 |
|
Working Days |
20 |
21 |
|
Fixed Overheads |
Rs.40, 000 |
Rs.39, 000 |
|
Variable Overheads |
Rs.12, 000 |
Rs.12, 000 |
Calculate,
• Variable Overhead Variance
• Fixed Overhead Expenditure Variance
• Fixed Overhead Volume Variance
• Fixed Overhead Efficiency Variance
• Fixed Overhead Calendar Variance
• Also prepare a reconciliation statement for the standard fixed expenses worked out at standard fixed overhead rate and the actual fixed overhead.