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Fitzhugh Company has the following information available for the current year: Standard: 3.5 feet per unit @ P2.60 per foot 5 direct labor hours @ P8.50 per unit Material Labor Actual: 95,625 feet used (100,000 feet purchased @ P2.50 per foot) 122,400 direct labor hours incurred per unit @ P8.35 per hour Material Labor 25,500 units were produced Require: Compute the following a. Material purchase price variance b. Material quantity variance c. Labor rate variance d. Labor efficiency variance

Fitzhugh Company has the following information available for the current year: Standard: 3.5 feet per unit @ P2.60 per foot 5 direct labor hours @ P8.50 per unit Material Labor Actual: 95,625 feet used (100,000 feet purchased @ P2.50 per foot) 122,400 direct labor hours incurred per unit @ P8.35 per hour Material Labor 25,500 units were produced Require: Compute the following a. Material purchase price variance b. Material quantity variance c. Labor rate variance d. Labor efficiency variance

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Activity 1 Fitzhugh Company has the following information available for the current year: Standard: Material Labor 3.5 feet per unit @ P2.60 per foot 5 direct labor hours @ P8.50 per unit Actual: Material Labor 95,625 feet used (100,000 feet purchased @ P2.50 per foot) 122,400 direct labor hours incurred per unit @ P8.35 per hour 25,500 units were produced Require: Compute the following a. Material purchase price variance b. Material quantity variance c. Labor rate variance d. Labor efficiency variance
Transcribed Image Text:Activity 1 Fitzhugh Company has the following information available for the current year: Standard: Material Labor 3.5 feet per unit @ P2.60 per foot 5 direct labor hours @ P8.50 per unit Actual: Material Labor 95,625 feet used (100,000 feet purchased @ P2.50 per foot) 122,400 direct labor hours incurred per unit @ P8.35 per hour 25,500 units were produced Require: Compute the following a. Material purchase price variance b. Material quantity variance c. Labor rate variance d. Labor efficiency variance
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