68. WASHINGTON CORP. uses a standard-costing system in the production of itsproduct. The standard cost card shows that the standard hours required toproduce one unit is 0.75 hours per unit.During the month of August, WASHINGTON produced 10,000 units by using 8,000direct labor hours resulting to an unfavorable efficiency variance of P4,500. Thepayroll for the month of August is P67,000. What is the direct labor rate variance forthe month of August?P5,000 UFP5,000 FP2,000 UFP2,000 Fa.с.b.d.

Introduction:- First we need to calculate standard rate as follows:- Direct Labor Efficiency…

Answered: P5,000 UF P5,000 F P2,000 UF P2,000 F…

Business

Accounting

P5,000 UF P5,000 F P2,000 UF P2,000 F а. C. b. d.

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

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

68. WASHINGTON CORP. uses a standard-costing system in the production of its
product. The standard cost card shows that the standard hours required to
produce one unit is 0.75 hours per unit.
During the month of August, WASHINGTON produced 10,000 units by using 8,000
direct labor hours resulting to an unfavorable efficiency variance of P4,500. The
payroll for the month of August is P67,000. What is the direct labor rate variance for
the month of August?
P5,000 UF
P5,000 F
P2,000 UF
P2,000 F
a.
с.
b.
d.

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