A company that produces a single product had the following information: Standards Direct labor . 5 hrs P15. 00 per hour The planned production during the month is 3, 000 units and the standard variable overhead rate is P10 per direct labor hour. The company applies variable overhead on the basis of direct labor-hours. The company reported the following results for the actual production during the month. Actual output 3, 200 units Actual direct labor-hours 1, 536 hours Actual direct labor cost P23 , 808 Actual variable overhead cost P18, 432 Compute the following: 1. Direct labor rate variance P (indicate if favorable or unfavorable) 2. Direct labor efficiency variance P (indicate if favorable or unfavorable) 3. Variable overhead rate variance P (indicate if favorable or unfavorable) 4. Variable overhead efficiency variance P (indicate if favorable or unfavorable)

A company that produces a single product had the following information: Standards Direct labor . 5 hrs P15. 00 per hour The planned production during the month is 3, 000 units and the standard variable overhead rate is P10 per direct labor hour. The company applies variable overhead on the basis of direct labor-hours. The company reported the following results for the actual production during the month. Actual output 3, 200 units Actual direct labor-hours 1, 536 hours Actual direct labor cost P23 , 808 Actual variable overhead cost P18, 432 Compute the following: 1. Direct labor rate variance P (indicate if favorable or unfavorable) 2. Direct labor efficiency variance P (indicate if favorable or unfavorable) 3. Variable overhead rate variance P (indicate if favorable or unfavorable) 4. Variable overhead efficiency variance P (indicate if favorable or unfavorable)

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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Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2020. As of that date, Abernethy has the following trial balance: Debit Credit Accounts payable Accounts receivable 55,100 44,700 Additional paid-in capital 50,000 Buildings (net) (4-year remaining life) 163,000 Cash and short-term investments 83,750 Common stock 250,000 Equipment (net) (5-year remaining life) 207,500 Inventory 122,000 Land 85,500 Long-term liabilities (mature 12/31/23) Retained earnings, 1/1/20 Supplies 162,500 202,150 Totals $ 13,300 719,750 $ 719,750 During 2020, Abernethy reported net income of $105,000 while declaring and paying dividends of $13,000. During 2021, Abernethy reported net income of $136,750 while declaring and paying dividends of $36,000. Assume that Chapman Company acquired Abernethy's common stock for $605,600 in cash. As of January 1, 2020, Abernethy's land had a fair value of $101,800, its buildings were valued at $227,400, and its equipment was appraised at $164,500.…
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