Standard Costing and Variance AnalysisStandard Price or RateP6.00 per meterDirect MaterialsDirect LaborVariable Factory OverheadP3.00 direct labor hourperFactory overhead is applied to production based on direct labor hours. Duringthe month of February, 5,000 units were produced and sold to customers. Thfollowing are the selected production data for the month:MaterialsDirectVariableusedLaborFOHP52,500Standard Cost allowedActual cost incurredP84,000P75,000P6,000 UP21,000P18,000?Materials Quantity varianceActual direct labor hours7,500 hoursStandard FOH rate per direct labor hourStandard Price per meterP3.00/hr.P6.00 /m.The difference between the standard and actual cost per unit produced is P0.15favorable.Required: Compute the following:1. The standard cost per unit of product.2. The actual cost per unit of product.Standard Quantity per unit.4. Material Price variance.3.5.6. Labor Rate variance.Standard direct labor rate per hour.7. Labor Efficiency variance8. Variable Factory overhead spending variance.9. Variable Factory overhead efficiency variance.

Name: Standard Costing and Variance AnalysisStandard Price or RateP6.00 per
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Description: Standard Costing and Variance AnalysisStandard Price or RateP6.00 per meterDirect MaterialsDirect LaborVariable Factory OverheadP3.00 direct labor hourperFactory overhead is applied to production based on direct labor hours. Duringthe month of Febru

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Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. Dur the month of February, 5,000 units were produced and sold to customers. 1 following are the selected production data for the month: Materials Direct Labor Variabl- used FOH Standard Cost allowed P84 00O P52 500 DO 1

Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. Dur the month of February, 5,000 units were produced and sold to customers. 1 following are the selected production data for the month: Materials Direct Labor Variabl- used FOH Standard Cost allowed P84 00O P52 500 DO 1

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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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. e $16 per hr. 2 hrs. e $11 per hr. Actual Direct materials Direct labor 44,500 lbs.e $7.10 per lb. 17,400 hrs.e $16.50 per hr. $200,200 8,800 Overhead Units manufactured Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost
The following are Margin Company's production costs for December: Direct Materials $ 105,000 Direct Labor 95,000 Factory Overhead 9,000 What amount of costs should be traced to specific products in the production process?
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A manufactured product has the following information for June. Standard Actual Direct materials 5 lbs. @ $8 per lb. 41,000 lbs. @ $8.10 per lb. Direct labor 2 hrs. @ $15 per hr. 15,900 hrs. @ $15.40 per hr. Overhead 2 hrs. @ $12 per hr. $ 201,200 Units manufactured 8,100 (1) Compute the standard cost per unit.(2) Compute the total cost variance for June.
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COTB MC Qu. 10-69 (Algo) Assume the following information appears in... Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate 5 pounds $11.00 per pound 2 hours $17.00 per hour 2 hours. $ 3.00 per hour Direct materials Direct labor Variable manufacturing overhead During the most recent period, the following additional information was available: 20,800 pounds of material was purchased at a cost of $10.50 per pound. . All of the material that was purchased was used to produce 3,900 units. . • 8,000 direct labor-hours were recorded at a total cost of $132,000. . What is the direct materials price variance? Multiple Choice $10,400 F $9,750 F $9,750 U $10,400 U Standard Cost $ 55.00 $ 34.00 $ 6.00
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Olsen Company Olsen Company uses a standard cost system for its production process. Olsen Company applies overhead based on direct labor hours. The following information is available for July: Standard: Direct labor hours per unit 2.20 Variable overhead per hour $2.50 Fixed overhead per hour (based on 11,990 DLHS) $3.00 Actual: Units produced 4,400 Direct labor hours 8,800 Variable overhead $29,950 Fixed overhead $42,300 Refer to Olsen Company Using the three-variance approach, what is the efficiency variance? Select one: a. $11,770 F b. $5,775 U c. $2,200 F d. $7,975 U
ces [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @$16 per DLH. 3 DLH $12 per DLH Actual Results 52,800 pounds @ $8.10 per pound 25,800 hours @ $16.60 per hour $ 318,500 8,700 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Complete this question by entering your answers in the tabs below. Required Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total Required 1 Required 2 >