Aboksh Ltd. operates a System of Standard Costing. The company manufactures a Chemical Product by mixing three ingredients Chemicals A, B and C and processes the same. The Standard Cost data for the...

Extracted text: Aboksh Ltd. operates a System of Standard Costing. The company manufactures a Chemical Product by mixing three ingredients Chemicals A, B and C and processes the same. The Standard Cost data for the product are as follows : Chemical Percentage of Total Input Standard Cost per kg. ($) А 50% 40 30% 60 20% 95 Note : Loss during processing is 5% of input and this has no realizable value. During the month of May, 2018, 10,200 kg. of finished product was obtained from the inputs as per details given below : Quantity purchased and issued Chemical Consитed Actual Cost ( $) 5,200 kg. 3,600 kg. 1700 kg. А 2,34,000 В 2,19,600 C 1,58,100 You are required to calculate : (i) Material Cost Variance, (ii) Material Price Variance.