projected monthly normal production for 2020:Flexible budgets are determined and all overhead cost items are assigned on the basisExercise 6-17Reliance, Inc, utilizes a standard cost system for budget and control purposes.of standard direct labor hours.The following standard cost per finished unit was determined on the basis of aDirect materials (3 pounds @ P6.00)Direct labor (0.30 hour @P40.00)Variable overhead (0.30 hour @P10)Fixed overhead ().30 hour @ P6-2/3)P18.0012.003.002.00TotalP35.00You have just received the condensed performance report for the month ofSept., 2020.VARIANCE ANALYSISQuantityor time orStandardPrice orСараcityCostsRateAppliedP162,000108,00027,00018,000EfficiencyP6,000 U1,200 UVariancesP14,000 F*18,200 U5,250 U1,500 UDirect materials usedDirect labor costsVariable overhead300 UFixed overheadP4,000** U* Includes labor joint variance.** Includes overhead capacity variance & fixed overhead efficiency variance e. Actual number of hours used upb. Actual number of pounds used up rounded to the nearest whole poundh. Normal production in units and hoursActual number of units produced (double-check)f. Standard number of hours allowed the actual productionc. Standard number of pounds allowed the actual production1. Determine the following graphically for:a. Actual cost per pound of raw materialsREQUIRED:d. Actual labor rate. Actual number of hours used upper hourg.i. Actual fixed overheadi. Actual variable overheadNote: Start with the skeletons of the visual aids & the flexible overhead budget

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Exercise 6-17 Reliance, Inc. utilizes a standard cost system for budget and control purposes. Flexible budgets are determined and all overhead cost items are assigned on the basis of standard direct labor hours. The following standard cost per finished unit was determined on the basis of a projected monthly normal production for 2020: Direct materials (3 pounds @ P6.00) Direct labor (0.30 hour @P40.00) Variable overhead (0.30 hour @P10) Fixed overhead ().30 hour @ P6-2/3) P18.00 12.00 3.00 2.00 Total P35.00 You have just received the condensed performance report for the month of Sept., 2020. VARIANCE ANALYSIS Price or Capacity Quantity or time or Standard Costs Rate Efficiency P14,000 F P6,000 U Applied P162,000 108,000 27,000 18,000 Variances Direct materials used Direct labor costs *18,200 U 1,200 U 5,250 U 1,500 U 300 U Variable overhead Fixed overhead P4,000** U * Includes labor joint variance. ** Includes overhead capacity variance & fixed overhead efficiency variance

Exercise 6-17 Reliance, Inc. utilizes a standard cost system for budget and control purposes. Flexible budgets are determined and all overhead cost items are assigned on the basis of standard direct labor hours. The following standard cost per finished unit was determined on the basis of a projected monthly normal production for 2020: Direct materials (3 pounds @ P6.00) Direct labor (0.30 hour @P40.00) Variable overhead (0.30 hour @P10) Fixed overhead ().30 hour @ P6-2/3) P18.00 12.00 3.00 2.00 Total P35.00 You have just received the condensed performance report for the month of Sept., 2020. VARIANCE ANALYSIS Price or Capacity Quantity or time or Standard Costs Rate Efficiency P14,000 F P6,000 U Applied P162,000 108,000 27,000 18,000 Variances Direct materials used Direct labor costs *18,200 U 1,200 U 5,250 U 1,500 U 300 U Variable overhead Fixed overhead P4,000** U * Includes labor joint variance. ** Includes overhead capacity variance & fixed overhead efficiency variance

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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