Reference no: EM133065023
Question - MARISSA Co., the consultant of MARISOL Co. had summarized the following standard cost data extracted from the historical records and performance year reports issued by the cost accounting department in the prior year to assist in her analysis and evaluation of the standard costing policy of the company:
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Input required per unit
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Standard Cost per unit
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Standard cost per unit
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Direct Materials
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6kg per unit
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P90 per kg
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P540
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Direct Labor
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5 hours per unit
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P50 per hour
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P250
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Other information follows:
Budgeted factory overhead for the year:
Variable 480 000
Fixed 600 000
The company's normal capacity per month is 400 units.
Actual cost materials purchased for the year is P2,342,000
During the year, direct materials purchased is 26,880 kg while direct materials actually used is 24,760 kg.
Actual labor costs for the year 1,080,000 of which 24,900 direct labor hours was consumed.
Actual factory overhead amounted to 1,320,000, 65% of which is fixed cost, FO is based on labor hours.
Actual production during the year 5,150 units
Required -
1. Compute the Spending Variance.
2. Compute the Variable Overhead Efficiency Variance.
3. Compute the Controllable Variance.
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