MAINE INC.’s direct labor costs for the month of May are as follows: Standard direct labor hours allowed 12,500 Actual direct labor rate P8.25 Actual direct labor hours 10,000 Direct labor rate variance – favorable P5,600 What was MAINE's standard direct labor rate in May? (M

MAINE INC.’s direct labor costs for the month of May are as follows: Standard direct labor hours allowed 12,500 Actual direct labor rate P8.25 Actual direct labor hours 10,000 Direct labor rate variance – favorable P5,600 What was MAINE's standard direct labor rate in May? (M

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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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

MAINE INC.’s direct labor costs for the month of May are as follows:

Standard direct labor hours allowed 12,500

Actual direct labor rate P8.25

Actual direct labor hours 10,000

Direct labor rate variance – favorable P5,600

What was MAINE's standard direct labor rate in May? (M)

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