The following data are used for questions 3 to 12The Big Book Company builds wooden bookshelf wall units. The company'sstandard costs are:WoodTrimDirect laborVariable overheadFixed overhead25 pounds at P6.40 per pound8 pounds at P10.00 per pound5 hours at P12.00 per hourP 30.00 per unitP.130,000 per period, applied at the rate ofP20.00 per unitA recent month's transactions were: 160,000 pounds of wood were purchased atP6.50 per pound; 50,000 pounds of trim were purchased at P9.60 per pound. 155,000pounds of wood were issued to production; 48,500 pounds of trim were issued toproduction. Direct labor incurred was 31,000 hours at an average cost of P 11.50 perhour. Overhead costs were P302,000, of which P 181,000 were variable. Sixthousand units were produced during the month. 10. What was the direct labor efficiency variance?a. P 3,500 Ub. P 3.500 Fc. P 15,500 Ud. P 15,500 FII. Using the two-way variance analysis for combịned fixed and variable overhead,what was Big Book's overhead spending variance?a. P 1,000 Ub. P 8,000 Fc. P 9,000 Fd. P 10,000 U12. Using the two-way variance analysis for combined fixed and variable overhead,what was Big Book's overhead production volume variance?a. P 1,000 Ub.P 10,000 UP 9,000 Ud. P 10,000 Fс.

Direct labor efficiency variance refers to the concept which evaluates the strength of the company…

e following data are used for questions 3 to 12 me Big Book Company builds wooden bookshelf wall units. The co andard costs are: Wood Trim Direct labor Variable overhead Fixed overhead 25 pounds at P6.40 per pound 8 pounds at P10.00 per pound 5 hours at P12.00 per hour P 30.00 per unit P.130,000 per period, applied at the rate P20.00 per unit A rocent month's transactions were: 160,000 pounds of wood were purcha 6.50 per pound; 50,000 pounds of trim were purchased at P9.60 per pound. 15

e following data are used for questions 3 to 12 me Big Book Company builds wooden bookshelf wall units. The co andard costs are: Wood Trim Direct labor Variable overhead Fixed overhead 25 pounds at P6.40 per pound 8 pounds at P10.00 per pound 5 hours at P12.00 per hour P 30.00 per unit P.130,000 per period, applied at the rate P20.00 per unit A rocent month's transactions were: 160,000 pounds of wood were purcha 6.50 per pound; 50,000 pounds of trim were purchased at P9.60 per pound. 15

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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