The units of an item available for sale during the year were as follows:
There are 25 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using FIFO.
Definitions:
Labour Rate Variance
The difference between the actual labor costs incurred and the standard labor costs for the actual production level.
Actual Rate
The actual cost incurred or the price paid for materials, labor, or overhead as opposed to budgeted or standard costs.
Standard Rate
A predetermined cost that is often used in budgeting and costing exercises to estimate the expected rate for services or products.
Direct Labour
The cost associated with employees who are directly involved in the production process.
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