ABC Pvt Ltd is engaged in the manufacture of a Product Q. The product has the following standard production requirements determined by the technical…

ABC Pvt Ltd is engaged in the manufacture of a Product Q. The product has the following standard production requirements determined by the technical team of the company post satisfactory completion of test run. Raw Material Z – 2 units @2 per unit Skilled labour of – 2.5 hours@5 per hour Fixed Overheads - 7.5 per unit The input of Raw material Z has a yield of 80% everytime when infused into production. The actual quantity of Raw material Z consumed for production during the year was 24,000 units. The Usage variance of Material Z was 2,000 Favourable. Further the actual amount of material cost for the material consumed amounted to 45,000. During the said year, the actual working hours were 30,000 for which the labour cost paid by the company amounted to 1,20,000. The idle time variance amounted to 10,000 Adverse. The actual fixed overheads incurred for the year amounted to 1,50,000 and the expenditure variance was - 25,000 Favourable. In the context of the above, the following needs to be determined: