If standard cost of labour and standard cost of material for producing of one unit of finished production are estimated as under:
- Material 160 kg @ $3 per kg,
- Labour 36 hours @ $2.50 per hour.
On completion of the production of a finished unit of the product it was found that 150 kg of material costing @ $3 per kg was consumed and that the time taken was 32 hours, the wage rate was $3 per hour. Find material Variance.