Probl Mr. Ong purchase 60,000 lbs. of chemical X for P210,000. During May 2020, Ong, manufactured 10,000 units of the product. The following information is available for the month of May: Direct materials Direct Labor Standard for One unit 5.8 gallons @ P3 per gallon 30 min. @ P9 per DLH Actual Usage 57,000 gallons 4,800 DLHS @ P9.10 per DLH Required: a. Compute the materials price and quantity variance b. Compute the labor rate and efficiency variance

Probl Mr. Ong purchase 60,000 lbs. of chemical X for P210,000. During May 2020, Ong, manufactured 10,000 units of the product. The following information is available for the month of May: Direct materials Direct Labor Standard for One unit 5.8 gallons @ P3 per gallon 30 min. @ P9 per DLH Actual Usage 57,000 gallons 4,800 DLHS @ P9.10 per DLH Required: a. Compute the materials price and quantity variance b. Compute the labor rate and 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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