Actual quantity of materials used Standard price per unit of material Material price variance at the point of usage Total material variance Standard rate of labor per hour Labor efficiency variance Total labor variance 1,800 unit P5.7 P1,260.0 P2,400.0 P16.0 P16,000.0 P64,000.0 41,000 hour P52,000.0 P37,000.0 600 hour Total standard labor hours Actual variable overhead Actual fixed overhead Actual hours related to variable costs Standard hours related to fixed overhead 650 hour Budgeted fixed overhead Total spending variance Total overhead efficiency variance Volume variance P35,000.0 P6,000.0 P4,000.0 P2,500.0
Actual quantity of materials used Standard price per unit of material Material price variance at the point of usage Total material variance Standard rate of labor per hour Labor efficiency variance Total labor variance 1,800 unit P5.7 P1,260.0 P2,400.0 P16.0 P16,000.0 P64,000.0 41,000 hour P52,000.0 P37,000.0 600 hour Total standard labor hours Actual variable overhead Actual fixed overhead Actual hours related to variable costs Standard hours related to fixed overhead 650 hour Budgeted fixed overhead Total spending variance Total overhead efficiency variance Volume variance P35,000.0 P6,000.0 P4,000.0 P2,500.0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please refer to the Picture below. Kindly show the complete solution. Thank you so much.
Transcribed Image Text:The following information was provided to you by Charice Standard Company:
Actual quantity of materials used
Standard price per unit of material
Material price variance at the point of
Total material variance
1,800 units
P5.70
P1,260.00 F
P2,400.00 F
usage
Standard rate of labor per hour
Labor efficiency variance
Total labor variance
P16.00
P16,000.00 F
P64,000.00 U
41,000 hours
P52,000.00
P37,000.00
Total standard labor hours
Actual variable overhead
Actual fixed overhead
Actual hours related to variable costs
600 hours
Standard hours related to fixed overhead
650 hours
Budgeted fixed overhead
Total spending variance
Total overhead efficiency variance
Volume variance
P35,000.00
P6,000.00 U
P4,000.00 F
P2,500.00 U
Compute for the following:
19. Actual price of materials per unit
20. Standard quantity of materials used
21. Material quantity variance
22. Actual labor rate per hour
23. Actual labor hours utilized
24. Labor rate variance
25
Standard wariahla ouarhegd rato
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