Standard cost card- Mx cabinet Direct material: Lumber 50 board feet at P4 Direct Labor: 8 hours at P10 Overhead costs: Variable -8 hours at P5 Fixed - 8 hours at P3 P200 80 40 Total standard unit cost 24 P344 During June 2014, 500 of these cabinets were produced. The cost of operations during the month shown below. There are no work-in process at the beginning and end of the month. Direct materials purchased: 30,000 board feet at P4.10 Direct materials used: 24,000 board feet Direct labor: 4,200 hours at P9.50 Overhead costs: Variable costs Fixed costs P123,000 39,900 22,000 11,000 The budgeted overhead for the cabinet department used based on normal monthly activity of 4,500 hours is P36,000 of which 22,500 is variable and P13,500 is fixed overhead. Required: a. Compute for the following variances: 1. Direct material price variance 2. Direct material usage variance 3. Direct labor rate variance 4. Direct labor efficiency variance b. Compute for the factory overhead variance using 3 way analysis.

Standard cost card- Mx cabinet Direct material: Lumber 50 board feet at P4 Direct Labor: 8 hours at P10 Overhead costs: Variable -8 hours at P5 Fixed - 8 hours at P3 P200 80 40 Total standard unit cost 24 P344 During June 2014, 500 of these cabinets were produced. The cost of operations during the month shown below. There are no work-in process at the beginning and end of the month. Direct materials purchased: 30,000 board feet at P4.10 Direct materials used: 24,000 board feet Direct labor: 4,200 hours at P9.50 Overhead costs: Variable costs Fixed costs P123,000 39,900 22,000 11,000 The budgeted overhead for the cabinet department used based on normal monthly activity of 4,500 hours is P36,000 of which 22,500 is variable and P13,500 is fixed overhead. Required: a. Compute for the following variances: 1. Direct material price variance 2. Direct material usage variance 3. Direct labor rate variance 4. Direct labor efficiency variance b. Compute for the factory overhead variance using 3 way analysis.

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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