Korea Computerized Tax Accounting Level 1

Practice session

Company Hanguk produces a single product. The standard for direct materials is 2 kg per unit at KRW 500 per kg. During the month, the company produced 1,000 units and purchased and used 2,200 kg of raw materials at an actual price of KRW 480 per kg. What are the direct materials price variance (직접재료비 가격차이) and quantity variance (수량차이)?

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