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Given standard time per unit is 80 hours, standard time per hour @ Rs 1 per hour, actual time per unit is 90 hours and actual rate per hour @ Rs 1.10 per hour. Determine labour cost variance, labour rate variance and labour efficiency variance.

A. Rs 11, Rs 22 and Rs 10 all unfavorable

B. Rs 19, Rs 9 and Rs 10 all favorable

C. Rs 19, Rs 9 and Rs 10 all unfavorable

D. Rs 11, Rs 22 and Rs 10 all favorable

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Answer: Option C

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Time value of money indicates that

A. A unit of money obtained today is worth more than a unit of money obtained in future

B. A unit of money obtained today is worth less than a unit of money obtained in future

C. There is no difference in the value of money obtained today and tomorrow

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