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Bulluck Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour Direct materials 3.5 grams Direct labor 0.7 hours Variable overhead 0.7 hours The company reported the following results concerning this product in July. Actual output 3,000 units Raw materials used in production 11,370 grams Actual direct labor-hours 1,910 hours Purchases of raw materials 12,100 grams Actual price of raw materials purchased $ 1.20 per gram $ 11.40 per hour $ 2.10 per hour Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for July is:

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ssignment-Variance Analysis i Saved Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Standard Price Standard Hours or Rate $2.10 per pound $5.00 per hour Cost $16.59 $ 2.50 Direct materials 7.90 pounds 0.50 hours Direct labor ok During the most recent month, the following activity was recorded: nces a. 14,850.00 pounds of material were purchased at a cost of $2.00 per pound. b. All of the material purchased was used to produce 1,500 units of Zoom. C. 600 hours of direct labor time were recorded at a total labor cost of $4,200. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive…

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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…

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EXERCISES: STANDARD COSTING with GROSS PROFIT VARIANCE ANALYSIS 1. Materials and Labor Variance Analysis Jollibee Company has established the standard for a single unit of its product, CLICK Camera Tripod: Direct materials Direct labor 2. 3. 3 pieces at P 5 per piece 2 hours at P 10 per hour At the start of July, production of 1,000 units of tripod was budgeted based on normal capacity. At the end of July, actual production was 1,200 units of tripod, which resulted to using 4,000 pieces of materials purchased at P 6 per piece. REQUIRED: 1. Based on the BUDGETED production of 1,000 units: A) How many pieces of materials must the company plan to use? (Budgeted quantity) B) How much materials cost is included in the budget? (Budgeted materials cost) Determine the actual cost of materials used. Based on the ACTUAL production of 1,200 units: A) How many pieces of materials should have been used? (Standard quantity) B) How much materials cost should have been incurred? (Standard materials…

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Problem 5: Labor Variance STA Company uses a standard cost system. The following information pertains to direct labor costs for the month of June: Standard direct labor rate per hour Actual direct labor rate per hour Labor rate variance (favorable) Actual output (units) Standard hours allowed for actual production P 10.00 P 9.00 P12,000 2,000 10,000 hours Required: How many actual labor hours were worked during March for STA Company?

Standard labor hours per unit of 4.6 hours output Standard labor rate $20.40 per hours The following data pertain to operations concerning the product for the last month: Actual hours worked 7,200 hours 1,500 units Actual total labor cost $147,600 Actual output Required: a. What is the labor rate variance for the month? (Input the amount as a positive va Leave no cells blank - be certain to enter "O" wherever required. Indicate the ef of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" no effect (i.e., zero variance.) Labor rate variance

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