Reference no: EM133002366
Problem - Standard Costing - Golden Shower Company has a budgeted normal monthly capacity of 5,000 labor hours with a standard production of 4,000 units at this capacity. Standard costs are:
Materials 2 kilos at P1.00 per kilo
Labor P 7.75 per hour
Factory overhead at normal capacity
Fixed expenses P 7,500.00
Variable expenses P 1.50 per hour
During May, 2021, actual factory overhead total P14,820 and 4,940 labor hours cost P37,050. Production during May was 3,800 units using 7,800 kilos of materials at a cost of P0.98 per kilo.
Requirements - Show computation/solution and final answer for the following:
1. Determine the Material price variance.
2. Determine the Material usage variance
3. Determine the Labor rate variance.
4. Determine the Labor efficiency variance.
5. Determine the Total over- or under-applied factory overhead.
6. Determine the Variable spending variance.
7. Determine the Fixed spending variance.
8. Determine the Variable efficiency variance.
9. Determine the Volume variance.
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