Answer #3 only 3. What is the total spending variance?a. P4,000 unfavorableb. P3,000 unfavorablec. P4,000 favorabled. P7,000 favorable4. What is the total production variance?a. P4,000 unfavorableb. P3,000 unfavorablec. P3,000 favorabled. P7,000 favorable Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. Theestimated manufacturing overhead for last year was P 30,000 (fixed) and P5.00 pordirect labor hour (variable) and estimated 2,000 direct labor hours. The factoryoverhead control account has a balance of P 37,000. Actual hours used for Job 10was 1,200 and for Job 102 was 1,000.

Spending Variance: A spending variance is the difference between the actual amount of a particular…

Answered: 3. What is the total spending variance?…

3. What is the total spending variance? a. P4,000 unfavorable b. P3,000 unfavorable c. P4,000 favorable d. P7,000 favorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

Question

Answer #3 only

3. What is the total spending variance?
a. P4,000 unfavorable
b. P3,000 unfavorable
c. P4,000 favorable
d. P7,000 favorable
4. What is the total production variance?
a. P4,000 unfavorable
b. P3,000 unfavorable
c. P3,000 favorable
d. P7,000 favorable

Boone Manufacturing had worked on two jobs, Job 101 and Job 102 last year. The
estimated manufacturing overhead for last year was P 30,000 (fixed) and P5.00 por
direct labor hour (variable) and estimated 2,000 direct labor hours. The factory
overhead control account has a balance of P 37,000. Actual hours used for Job 10
was 1,200 and for Job 102 was 1,000.

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