ABC Corp. showed the standard and actual costs of its October production Materials (6 units at P40 each) Labor (2 hours at P45 per hour) Variable overhead (60% of labor) Fixed overhead (P23 per hour at 20,000 hours normal capacity) 240 90 54 46 During the month of October, 9,000 units were produced at a total of 22,000 actual hours. Actual materials used is 63,000 units at P38 each material Actual direct labor total for the month is 40 per hour. What is the total labor efficiency variance for the month of October? What is the total materials usage variance for the month of October?

ABC Corp. showed the standard and actual costs of its October production Materials (6 units at P40 each) Labor (2 hours at P45 per hour) Variable overhead (60% of labor) Fixed overhead (P23 per hour at 20,000 hours normal capacity) 240 90 54 46 During the month of October, 9,000 units were produced at a total of 22,000 actual hours. Actual materials used is 63,000 units at P38 each material Actual direct labor total for the month is 40 per hour. What is the total labor efficiency variance for the month of October? What is the total materials usage variance for the month of October?

Name: ABC Corp. showed the standard and actual costs of its October product
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Description: ABC Corp. showed the standard and actual costs of its October productionMaterials (6 units at P40 each)Labor (2 hours at P45 per hour)Variable overhead (60% of labor)2409054Fixed overhead (P23 per hour at 20,000 hours normal capacity)46During the mo

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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In September, Bubbles Company produced 1,000 units of product. 2,080 units of raw materials were used at a total cost of $303,680. The actual direct labor hours used were equivalent to 97.60% of the standard direct labor hours at a cost of $62,464. Cottons standard costs to produce one unit of its product in thousands is: a. 2 units of raw material at $150 per unit; b. 1/2 hour of DL at $125 per hour. What is the direct labor rate variance?
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gue Corporation uses a standard cost system. The following information was provided for the period that just ended: Actual price per kilogram $3.00 Actual kilograms of material used 31,000 Actual hourly labor rate $18.20 Actual hours of production 4,900 labor hours Standard price per kilogram $2.80 Standard kilograms per completed unit 6 kilograms Standard hourly labor rate $18.00 Standard time per completed unit 1 hr. Actual total factory overhead $34,900 Actual fixed factory overhead $18,000 Standard fixed factory overhead rate $1.20 per labor hour Standard variable factory overhead rate $3.80 per labor hour Maximum plant capacity 15,000 hours Units completed during the period 5,000 The direct labor cost variance is _____.
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