Reference no: EM133186708
Question - A Company began the manufacture of a new product known as LOL on the current month. The company installed a standard costing system to account for manufacturing costs. The standard costs for a unit of LOL product follow:
Direct materials (31b at Php5 per lb) - Php15
Direct manufacturing labor cost (1/2 hour at Php20 per hour) - Php10
Manufacturing overhead (75% of direct manufacturing labor costs) - Php7.50
Further data were obtained for the current month:
Revenue - Php125,000 credit
Accounts payable (for purchases related to LOL) - Php68,250 credit
Direct materials price variance - Php3,250 credit
Direct materials usage variance - Php2,500 debit
Direct manufacturing labor price variance - Php1,900 debit
Actual production for the current month was 4,000 units of AEC44 and actual sales were 2,500 units.
Required -
a. Calculate for the actual direct manufacturing labor rate.
b. Calculate for the actual direct materials price per pound.
c. Calculate for the actual quantity of direct materials used.
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