Problem 11: Materials, Labor and Factory Overhead VariancesJulie Corporation uses a standard cost system and has the following standardvariable costs. Standard Price or RateDirect MaterialsDirect LaborP6.00 per meterVariable Factory OverheadP3.00 per direct labor hourFactory overhead is applied to production based on direct labor hours. Duringthe month of February, 5,000 units were produced and sold to customers. Thefollowing are the selected production data for the month:MaterialsusedDirectVariableLaborFOHStandard Cost allowedActual cost incurredP84,000P75,000P6,000 UP52,500?P21,000P18,000Materials Quantity varianceActual direct labor hours7,500 hoursP3.00/hr.Standard FOH rate per direct labor hourStandard Price per meterP6.00 /m.The difference between the standard and actual cost per unit produced is PO.15favorable.Required: Compute the following:1. The standard cost per unit of product.2. The actual cost per unit of product.Standard Quantity per unit.3.

Name: Problem 11: Materials, Labor and Factory Overhead VariancesJulie Corp
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Description: Problem 11: Materials, Labor and Factory Overhead VariancesJulie Corporation uses a standard cost system and has the following standardvariable costs. Standard Price or RateDirect MaterialsDirect LaborP6.00 per meterVariable Factory OverheadP3.00 pe

Direct material cost variance = Standard cost for actual production - Actual cost = P84,000 -…

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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: Materials Direct Variable used Labor FOH P21,000 P18,000 Standard Cost allowed P84,000 P75,000 P6,000 U P52,500 ? Actual cost incurred Materials Quantity variance Actual direct labor hours 7,500 hours P3.00/hr. Standard FOH rate per direct labor hour Standard Price per meter P6.00 /m. The difference between the standard and actual cost per unit produced is PO.15 favorable. Required: Compute the following: The standard cost per unit of product. 2. The actual cost per unit of product. Standard Quantity per unit. 1. 3.

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: Materials Direct Variable used Labor FOH P21,000 P18,000 Standard Cost allowed P84,000 P75,000 P6,000 U P52,500 ? Actual cost incurred Materials Quantity variance Actual direct labor hours 7,500 hours P3.00/hr. Standard FOH rate per direct labor hour Standard Price per meter P6.00 /m. The difference between the standard and actual cost per unit produced is PO.15 favorable. Required: Compute the following: The standard cost per unit of product. 2. The actual cost per unit of product. Standard Quantity per unit. 1. 3.

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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