Reference no: EM133087818
Question - The Standard manufacturing corporation uses a standard cost system in accounting for the cost of its only product. The standard cost per unit (based on 10,000 units production) was set up as follows:
Direct materials, 10 kgs @ P11/kg.;
Direct labor, 8 hours @ P50 per hour;
Factory overhead, 8 hours @ P15 per hour.
The following data on the operations appear in the company's record for the month of July:
Units completed during the month, 8,000 units; units in process at the end of the month, with 100% materials but half completed, 1,000 units;
Direct materials used, 95,000 kgs. @ P10 per kg;
Direct labor, P3,510,000 at a rate of P54;
Actual overhead for the month P985,000.
Required - Compute the Variable efficiency variance. Indicate whether favorable or unfavorable.
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