AAA Company uses the standard cost system. The following information on its direct labor costs areprovided.Standard direct labor hours75,00072,500P10,00014,500275,500Actual direct labur hoursDirect labor efficiency variance (favorable)Direct labor rate variance (favorable)Total payroll12. What is AAA Company's actual direct labor rate?PO.20b. РА.00с. Р3.60d. P3.80AAA Company uses a standard cost system. Information for raw materials for Product RB for themonth of October is as follows:Standard unit priceActual purchase price per unitActual quantity purchasedActual quantity usedStandard quantity allowed for actual productionP1.60P1.552,000 units1,900 units1,800 units13. What is the material purchase price variance?a. P90 favorable b. P90 unfavorablec. P100 favorabled. P100 unfavorableInformation on AAA Company's direct materials costs is as follows:20,000P40,000P2.10P3,000Actual units of direct materialsActual direct materials costStandard price per unit of direct materialsDirect material efficiency variance (favorable)14. AAA Company's direct material price variance wasa. P1,000 favorable b. P1,000 unfavorable c. P2,000 favorable d. P2,000 favorableHome Company manufactures tables with vinyl tops. The standard material cost for the vinyl used perType-R table is P7.80 based on six square feet of vinyl at a cost of P1.30 per square foot. A productionrun of 1,000 tables in January resulted in usage of 6,400 square feet of vinyi at a cost of P1.20 persquare foot, at a total cost of P7,680.15. The usage variance resulting from the above production run wasa. P120 favorableb. P480 unfavorablec. P520 unfavorable d. P640 favorableJustine Corporation uses a standard cost system. Direct labor information for product. Ten for themonth of June is as follows:Standard rateActual rate paidStandard hours allowed for actual productionLabor efficiency varianceP6.00 per hourP6.10 per hour1,500 hoursP600 unfavorable16. What are the actual hours worked?a. 1,400b. 1,402c. 1,598d. 1,600

Name: AAA Company uses the standard cost system. The following information
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Description: AAA Company uses the standard cost system. The following information on its direct labor costs areprovided.Standard direct labor hours75,00072,500P10,00014,500275,500Actual direct labur hoursDirect labor efficiency variance (favorable)Direct labor r

Direct labor states the salaries as well as wages which are paid to the workers who attribute…

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AAA Company uses the standard cost system. The following information on its direct labor c provided. 75,000 72,500 P10,000 14,500 275,500 Standard direct labor hours Actual direct labur huurs Direct labor efficiency variance (favorable) Direct labor rate variance (favorable) Total payroll 12. What is AAA Company's actual direct labor rate? P0.20 b. P4.00 с. Р3.60 d. P3.80

AAA Company uses the standard cost system. The following information on its direct labor c provided. 75,000 72,500 P10,000 14,500 275,500 Standard direct labor hours Actual direct labur huurs Direct labor efficiency variance (favorable) Direct labor rate variance (favorable) Total payroll 12. What is AAA Company's actual direct labor rate? P0.20 b. P4.00 с. Р3.60 d. P3.80

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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