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Probl Mr. Ong purchase 60,000 lbs. of chemical X for P210,000. During May 2020, Ong, manufactured 10,000 units of the product. The following information is available for the month of May: Direct materials Direct Labor Standard for One unit 5.8 gallons @ P3 per gallon 30 min. @ P9 per DLH Actual Usage 57,000 gallons 4,800 DLHS @ P9.10 per DLH Required: a. Compute the materials price and quantity variance b. Compute the labor rate and efficiency variance

Probl Mr. Ong purchase 60,000 lbs. of chemical X for P210,000. During May 2020, Ong, manufactured 10,000 units of the product. The following information is available for the month of May: Direct materials Direct Labor Standard for One unit 5.8 gallons @ P3 per gallon 30 min. @ P9 per DLH Actual Usage 57,000 gallons 4,800 DLHS @ P9.10 per DLH Required: a. Compute the materials price and quantity variance b. Compute the labor rate and efficiency variance

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter10: Standard Costing And Variance Analysis
Section: Chapter Questions
Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...
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is available for the month of May: Direct materials Direct Labor Standard for One unit 5.8 gallons @ P3 per gallon 30 min. @ P9 per DLH Actual Usage 57,000 gallons 4,800 DLHS @ P9.10 per DLH Required: a. Compute the materials price and quantity variance b. Compute the labor rate and efficiency variance
Transcribed Image Text:is available for the month of May: Direct materials Direct Labor Standard for One unit 5.8 gallons @ P3 per gallon 30 min. @ P9 per DLH Actual Usage 57,000 gallons 4,800 DLHS @ P9.10 per DLH Required: a. Compute the materials price and quantity variance b. Compute the labor rate and efficiency variance
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