Standard Price or Rate Direct Materials Direct Labor Variable Factory Overhead P6.00 per meter P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. The following are the selected production data for the month: Variable Standard Cost allowed Actual cost incurred Materials Quantity variance Actual direct labor hours Standard FOH rate per direct labor hour Materials used P84,000 P75,000 P6,000 U Direct Labor P52,500 FOH P21,000 P18,000 7,500 hours P3.00/hr. Stendend

Standard Price or Rate Direct Materials Direct Labor Variable Factory Overhead P6.00 per meter P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. The following are the selected production data for the month: Variable Standard Cost allowed Actual cost incurred Materials Quantity variance Actual direct labor hours Standard FOH rate per direct labor hour Materials used P84,000 P75,000 P6,000 U Direct Labor P52,500 FOH P21,000 P18,000 7,500 hours P3.00/hr. Stendend

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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