Problem 5 (Direct Materials and Direct Labor Variance): The following were taken from the standard cost card of Palawan Corporation: Standard Quantity per Particular Standard Cost unit Direct Materials Direct Labor P 2.00/kilo 4 kilos P 4.00/hour 5 hours The actual result of operation for the recent year includes the following information: Direct materials were purchased at P28,750 resulting to a price variance of P5,750 unfavorable while total direct materials variance amounted to P4,750 unfavorable. Direct labor efficiency variance is P6,000 unfavorable while rate variance is P4,125 unfavorable. Required: 1. How many units were produced during the period? 2. How many kilos of direct materials were actually purchased and used? 3. How much is the actual purchase price per kilo of direct materials? How many direct labor hours were actually utilized during the period? 5. How much is the actual rate per hour of direct labor? 4.

Problem 5 (Direct Materials and Direct Labor Variance): The following were taken from the standard cost card of Palawan Corporation: Standard Quantity per Particular Standard Cost unit Direct Materials Direct Labor P 2.00/kilo 4 kilos P 4.00/hour 5 hours The actual result of operation for the recent year includes the following information: Direct materials were purchased at P28,750 resulting to a price variance of P5,750 unfavorable while total direct materials variance amounted to P4,750 unfavorable. Direct labor efficiency variance is P6,000 unfavorable while rate variance is P4,125 unfavorable. Required: 1. How many units were produced during the period? 2. How many kilos of direct materials were actually purchased and used? 3. How much is the actual purchase price per kilo of direct materials? How many direct labor hours were actually utilized during the period? 5. How much is the actual rate per hour of direct labor? 4.

Name: Problem 5 (Direct Materials and Direct Labor Variance): The following
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Description: Problem 5 (Direct Materials and Direct Labor Variance): The following were taken from the standardcost card of Palawan Corporation:StandardParticularStandard CostQuantity perunitDirect MaterialsP 2.00/kiloP 4.00/hour4 kilosDirect Labor5 hoursThe act

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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