Standard Cost of Product A: Php Materials (5kgs x Php10 per kg) 50 Labor (4 hrs. x Php 5 per hour) 20 Variable Overheads (4 hrs. x Php 2 per hour) 8 Fixed Overheads (4 hrs x Php 6 per hour) 24 102 Budgeted Results: Production 1,000 units Sales 1,000 units Selling Price Php 150 per unit Actual Results: Production 1,200 units Sales 900 units Materials 4,850 kgs. At Php 46.075 Labor 4,200 hrs at Php 21.210 Determine the material price variance. O Pho195/425 (Unfavourable) O Php196425 (Favourablel O Pho2425 (Unfavourable) O Pro2425 Fvourable

Standard Cost of Product A: Php Materials (5kgs x Php10 per kg) 50 Labor (4 hrs. x Php 5 per hour) 20 Variable Overheads (4 hrs. x Php 2 per hour) 8 Fixed Overheads (4 hrs x Php 6 per hour) 24 102 Budgeted Results: Production 1,000 units Sales 1,000 units Selling Price Php 150 per unit Actual Results: Production 1,200 units Sales 900 units Materials 4,850 kgs. At Php 46.075 Labor 4,200 hrs at Php 21.210 Determine the material price variance. O Pho195/425 (Unfavourable) O Php196425 (Favourablel O Pho2425 (Unfavourable) O Pro2425 Fvourable

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Description: Standard Cost of Product A: PhpMaterials (5kgs x Php10 per kg) 50Labor (4 hrs. x Php 5 per hour) 20Variable Overheads (4 hrs. x Php 2 per hour) 8Fixed Overheads (4 hrs x Php 6 per hour) 24102Budgeted Results:Production 1,000 unitsSales 1,000 unitsSe

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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Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 7.1 ounces 0.2 hours 0.2 hours Standard Price or Rate Standard Cost Per Unit $ 28.40 $ 4.00 per ounce $ 11.00 per hour $ 2.20 $ 4.00 per hour $ 0.80 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 22,500 ounces 560 hours $ 45,100 $ 12,500 $ 3,250 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for June is: Multiple Choice $306 F $6.340 U $306 U $6,340 F
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