Solve 4-6 Standard Costing and Variance AnalysisStandard Price or RateP6.00 per meterDirect MaterialsDirect LaborVariable Factory OverheadP3.00 direct labor hourperFactory overhead is applied to production based on direct labor hours. Duringthe month of February, 5,000 units were produced and sold to customers. Thfollowing are the selected production data for the month:MaterialsDirectVariableusedLaborFOHP52,500Standard Cost allowedActual cost incurredP84,000P75,000P6,000 UP21,000P18,000?Materials Quantity varianceActual direct labor hours7,500 hoursStandard FOH rate per direct labor hourStandard Price per meterP3.00/hr.P6.00 /m.The difference between the standard and actual cost per unit produced is P0.15favorable.Required: Compute the following:1. The standard cost per unit of product.2. The actual cost per unit of product.Standard Quantity per unit.4. Material Price variance.3.5.6. Labor Rate variance.Standard direct labor rate per hour.7. Labor Efficiency variance8. Variable Factory overhead spending variance.9. Variable Factory overhead efficiency variance.

Material price variance: = Standard Price × Actual Quantity - Actual price × Actual Quantity OR =…

Answered: 4. Material Price variance. Standard…

Business

Accounting

4. Material Price variance. Standard direct labor rate per hour. 6. Labor Rate variance. 5.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Can subparts 4 and 5 be answered on this problem

A: Net present value is used to calculate the current total value of future payments. It is the…

Q: How do i do EX 12-3 & EX 12-4

A: Common stock: These are the ordinary shares that a corporation issues to the investors in order to…

Q: In general what are the 5 POS Features?

A: A point of sale (POS) system is a combination of hardware and software that allows businesses to…

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: Make 3 problems with solutions and answer involving interest

A: In finance 'interest' refers to the monetary charge involved when money is borrowed. For example…

Q: I need help with required 4 and 5.

A: Materials and conversion costs are the costs which are incurred during the process of production.…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts 1. Cash Account Particular Debit Particular Credit To capital A/c…

Q: Give 3 examples of application controls

A: please like the answer your response matters Examples of Application Control:Application controls…

Q: Concord Corporation's charter authorized issuance of 96,000 shares of $10 par value common stock and…

A: The company issues either common shares or preferred shares. When the company issues these shares…

Q: When are data in 3NF?

Q: 8. If money is worth (.06, m = 4), find the present value of a perpetuity $1000, paid semi-annually,…

A: Present value of perpetuity is the value of an asset whose cash flow is received forever.

Q: Please show solution in each number

A: As we follow Accrual basis of accounting we pass entries when the incomes…

Q: Q1: Explain the following: (250 words) Big Data Analysis Distributed Computing Virtualization

A: Big Data Analysis: Big data analytics refers to the application of advanced analytic techniques to…

Q: All of problems 3

Q: QUESTION 4 Consider the Black-Scholes-Merton formula: c = SoN(d₁) - Ke-TN(d₂) p= Ke-TN(-d₂) -…

A: Black Scholes Merton's model represents a pricing model of financial instruments. It is primarily…

Q: where is step 5?

A: Where the Depreciation expenses are halved, it would have the following impacts: •Net income: it…

Q: Using CVP analysis answer from d to g

A: Hi student Since you have asked for multiple subparts, we will answer only three subparts. If you…

Q: Topic is Interests If A(t) = 100(1.1)t Find: a. i5 b. i10 Show complete solution with explanatio

Q: What happened to questions 4 and 5?

A: 4.Margin of safety in revenue = Actual sales – Break-even sales= (35,000*5.90) – 88,382= 206,500 –…

Q: WHAT'S THE ANSWER TO D, E AND F?

A: Given, Net nonoperating obligations (NNO) Return on equity (ROE) Nonoperating return component of…

Q: Could you answer question 4-7? Please

A: The total value of the goods still in stock in a company's inventory at the end of an accounting…

Q: Kindly answer #7 -10 will surely given an upvote show complete solution.

A: Liabilities refers to the obligations which the business need to pay and it states current…

Q: Give 5 examples that explain different types of Transactions

A: Transactions - Transaction is as agreement to make payment in return of goods, services.…

Q: Discuss in detail Five benefits and drawbacks of throughput accounting

A: Through put accounting is a managerial decision making to maximize organization's profit. In this…

Q: What is Operational Cycle?

A: The management of the corporation uses to identify the operational cycle to get a rough idea about…

Q: Describe the three steps in solving a linear programming problem.

A: Linear programming problem: Linear programming problem is the method of the business through which…

Q: WHat ia 2 plus 2

A: Answer:

Q: Discuss 5 accountant roles in information system design

A: With the changing face of technology their has been significant safe in the accountant role that is…

Q: 1= 2(1+g) or D1 = 2? Why?

A: Companies pay dividend to shareholder out of net income but some of earnings are retained for the…

Q: Explain four (4) factors that should be considered in using CAATs.

A: CAATs means Computer Assisted Auditing Techniques. These are the aided techniques in which task of…

Q: What accounts should Free credit to record the issuance of the bonds and warrants? a. Bonds Payable…

A: Bonds payable is a liability account that holds the sum that the issuer owes bondholders.Given that…

Q: subject:accunting information system. Q5: DFD SYMBOLS AND DESIGN CONSIDERATIONS explain each symbol…

A: DFD: It is the data flow diagram which uses four types of symbols to flow the information into…

Q: 2. P5,300 quarterly at 2.67% compounded monthly

A: An equivalent simple annuity is used when the project has different lives and a company has to…

Q: Please provide answer to questions a to c

A: Introduction: Shareholders equity represents owners' equity i.e. amount of claim for the…

Q: None

A: Step 1: Step 2: Step 3: Step 4:

Q: Using the following the data below, graph the result and use linear regression to obtain the…

A: In finance linear regression is a method which is used to find the dependent variable with the help…

Q: Answer Question 4

A: a. Prepare a bank reconciliation of Graser company at December 31, 2019 as shown below:

Q: Please provide solutions to sub parts 4 to 7

A: Ratios are a very important part of a company. These ratios are utilized by the company to compare…

Q: I need help with questions 1 and 2

A: Profitability ratio is a ratio which indicate the return on resources used for productivity in terms…

Question

Solve 4-6

Standard Costing and Variance Analysis
Standard Price or Rate
P6.00 per meter
Direct Materials
Direct Labor
Variable Factory Overhead
P3.00 direct labor hour
per
Factory overhead is applied to production based on direct labor hours. During
the month of February, 5,000 units were produced and sold to customers. Th
following are the selected production data for the month:
Materials
Direct
Variable
used
Labor
FOH
P52,500
Standard Cost allowed
Actual cost incurred
P84,000
P75,000
P6,000 U
P21,000
P18,000
?
Materials Quantity variance
Actual direct labor hours
7,500 hours
Standard FOH rate per direct labor hour
Standard Price per meter
P3.00/hr.
P6.00 /m.
The difference between the standard and actual cost per unit produced is P0.15
favorable.
Required: Compute the following:
1. The standard cost per unit of product.
2. The actual cost per unit of product.
Standard Quantity per unit.
4. Material Price variance.
3.
5.
6. Labor Rate variance.
Standard direct labor rate per hour.
7. Labor Efficiency variance
8. Variable Factory overhead spending variance.
9. Variable Factory overhead efficiency variance.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Formula for material price variance:

VIEW

Step 2 Working Note: Calculation of Actual Quantity of material:

VIEW

Step 3 Calculation of material price variance:

VIEW

Step 4 Calculation of standard direct labour rate per hour:

VIEW

Step 5 Calculation of Labour Rate variance:

VIEW

Step 6 Working Notes:

VIEW

Step by step

Solved in 6 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Question 5 Listen Looking at the graphs of the two functions below, can you state which of the function operations match with the given correct output values? Two Polynomial Graphs + 4 /g(2) 2 -2 f(x) -2 2 (f+g)(1) a. -2 (1-9)(1) b. 2 (g-(1) c. 6
I need answer typing clear urjent no chatgpt used i will give upvotes
Required information [The following information applies to the questions displayed below.] Consider the following narrative describing the process of filling a customer's order at a Starbucks branch: Identify the start and end events and the activities in the following narrative, and then draw the business process model using BPMN: the Starbucks customer entered the drive-through lane and stopped to review the menu. He then ordered a Venti coffee of the day and a blueberry muffin from the barista. The barista recorded the order in the cash register. While the customer drove to the window, the barista filled a Venti cup with coffee, put a lid on it, and retrieved the muffin from the pastry case and placed it in a bag. The barista handed the bag with the muffin and the hot coffee to the customer. The customer has an option to pay with cash, credit card, or Starbucks gift card. The customer paid with a gift card. The barista recorded the payment and returned the card along with the…
The TOS 2/10, n/10 EOM means
myedio.com Question 12 Listen Use the function f(x)=2x-5 • Find the inverse of f(x). . . Graph f(x) and f(x) and state the domain of each function. Prove that f(x) and f¹(x) are inverses, both graphically and algebraically. ATTACHMENTS W Algebra2 U9 UnitTest_Q17 docx 146.32 KB
What are the 6 Types of Input VAT?
pls answer no. 4 and 5
Any update on D,E,F
Question 4 Listen Which of the following points are on the unit circle? Select all that apply. A (--) B (33.3) C 12 (1/13. 31/3)
Why are working papers important? Give atleast 5 reasons.
H3. Create a word problem with a topic Matheson Formula and Double Decllining Balance Show your solution and provide illustrations/diagrams