K Ltd. is a manufacturer of a single product A. 8,000 units of the product A has been produced in the month of March 2024. At the beginning of the…

K Ltd. is a manufacturer of a single product A. 8,000 units of the product A has been produced in the month of March 2024. At the beginning of the year a total 1,20,000 units of the product-A has been planned for production. The cost department has provided the following estimates of overheads: Fixed 12,00,000 Variable 6,00,000 Semi-Variable 1,80,000 Semi-variable charges are considered to include 60 per cent expenses of fixed nature and 40 per cent of variable character. The records of the production department shows that the company could have operated for 20 days but there was a festival holiday during the month. The actual cost data for the month of March 2024 are as follows: Fixed Variable 1,19,000 48,000 Semi-Variable 19,200 The cost department of the company is now preparing a cost variance report for managerial information and action. You being an accounts officer of the company are asked to calculate the following information for preparation of the variance report: