COST ACCOUNTING PLS SHOW SOLUTION

Standard Costing and Variance Analysis Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 direct labor hour per 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. Th following are the selected production data for the month: Materials Direct Variable used Labor FOH P52,500 Standard Cost allowed Actual cost incurred P84,000 P75,000 P6,000 U P21,000 P18,000 ? Materials Quantity variance Actual direct labor hours 7,500 hours Standard FOH rate per direct labor hour Standard Price per meter P3.00/hr. P6.00 /m. The difference between the standard and actual cost per unit produced is P0.15 favorable. 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…

MC Qu. 10-65 Assume that... Cost standards for one unit of product no. C77: Direct material Direct labor 3 pounds at $2.70 per pound 7 hours at $7.50 per hour Actual results: Units produced 5,900 units Direct material purchased Direct material used 27,000 pounds at $2.90 17,400 pounds at $2.90 41,500 hours at $7.30 Direct labor Assume that the company computes variances at the earliest point in time. The standard hours allowed for the work performed are: Multiple Choice O 40,250. 41,450. 41,300. 41,200. None of the answers is correct. O $ 8.10 52.50 $ 78,300 50,460 302,950

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Question Content AreaApril Industries employs a standard costing system in the manufacturing of its sole product, a park bench. They purchased 60,000 feet of raw material for $360,000, and it takes 5 feet of raw materials to produce one park bench. In August, the company produced 11,000 park benches. The standard cost for material output was $110,000, and there was an unfavorable direct materials quantity variance of $7,000. A. What is April Industries’ standard price for one unit of material? Standard cost per unit    $fill in the blank 1B. What was the total number of units of material used to produce the August output? Actual quantity feet    fill in the blank 2 UnitsC. What was the direct materials price variance for August? Direct materials price variance    $ fill in the blank 3

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0:29:44 The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.2 meters $18.00 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased. Actual materials used in production Actual output What is the materials price variance for the month? 8,100 meters $151,065 7,700 meters 1,450 units

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