The following processing standards have been set for TMT Company's clerical workers: 150 Number of hours per 1,000 papers processed Normal number of papers processed per year Wage rate per 1,000 papers 1,500,000 P600 Standard variable cost of processing 1,500,000 papers Fixed costs per year P900,000 P150,000 The following information pertains to the 1,200,000 papers that were processed during 2008: Total cost P915,000 Labor cost P760,000 Labor hours 190,000 For 2008, TMT's labor rate variance would be:

The following processing standards have been set for TMT Company's clerical workers: 150 Number of hours per 1,000 papers processed Normal number of papers processed per year Wage rate per 1,000 papers 1,500,000 P600 Standard variable cost of processing 1,500,000 papers Fixed costs per year P900,000 P150,000 The following information pertains to the 1,200,000 papers that were processed during 2008: Total cost P915,000 Labor cost P760,000 Labor hours 190,000 For 2008, TMT's labor rate variance would be:

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Description: - The following processing standards have been set for TMT Company's clericalworkers:Number of hours per 1,000 papers processed150Normal number of papers processed per yearWage rate per 1,000 papers1,500,000P600P900,000Standard variable cost of proc

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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