(a(i))[1]
State one reason why a business might record a favourable material usage variance.
(a(ii))[1]
State one reason why a business might experience an adverse labour efficiency variance.
(b(i))[2]
Calculate the material price variance for June.
(b(ii))[2]
Calculate the material usage variance for June.
(b(iii))[2]
Calculate the labour rate variance for June.
(b(iv))[2]
Calculate the labour efficiency variance for June.
(b(v))[3]
Calculate the fixed overhead efficiency variance for June.
(b(vi))[3]
Calculate the fixed overhead capacity variance for June.
(c)[4]
Prepare a statement that reconciles the standard cost of production with the actual cost of production.
(d)[5]
Advise Joshua whether he should continue to use standard costing. Support your answer.