Actual quantity of materials used1,200 lbs

Standard quantity of materials allowed

For the actual of materials1,100 lbs

Actual price of materialsP8 per lb

Standard price of materialsP10 per lb

27. What is the actual cost of materials used for the actual production:

28. What is the established cost of the materials actually used:

29. What is the standard cost of materials for the actual production:

30. How much is the total materials cost variancec:

31. What is the materials price variance:

32. What is the materials quantity variance:

Questions 33 to 35 are based on the following information:

Actual Cost of materials for the actual productionP29,580

Standard cost of materials actually used30,600

Standard cost of materials for the actual production31,200

33. The total materials variance is:

34. The material price variance is:

35. The materials quantity variance is:

Questions 36 to 39 are based on the following information:

The standard mix of Product Y is as follows:

Material A60 lbs @ P2.50 = P150

B40 lbs@ P2.75 = 110

100 lbs260

Normal loss20 lbs

80 lbs

During the month, 2,000 lbs were produced using the following:

Material A1,510 lbs @ P2.40 = P3,624

B940 lbs@ 2.80 = 2,632

36. The total material cost variance is:

37. The material price variance is :

38. The materials mix variance is :

39. The materials yiend variance is:

Questions 40 and 41 are based on the following information:

The standard costs per unit of product POGI follow:

Material A4mg @ P0.40 per mg = P1.60

B3 mg @ 0.60 per mg = 1.80

C1 mg @ 1.20 per mg = 1.20

Production of 600 units resulted in the following actual costs:

Material A, 2,600 mg, P1,105: Material B, 1,800 mg, P1,125 and Material C, 600 mg, P744.

40. The material mix variance is:

41. The material yiend variance is:

Questions 42 to 45 are based on the following information:

During the month of June, Rigodon Manufactures produced 1,500 units. Actual direct labor required 4,580 hours at an actual total cost of P34, 808. According to the standard cost card, 3 hous of direct labor are required per unit of product at a standard cost of P8 per labor hour.

42. What is total labor cost variance for June?

43. What is labor efficiency variance for June?

44. What is the labor rate variance for June?

45. What is the standard cost of labor per unit of product?

Question 46 & 47 are based on the following information:

Dilag Company uses a standard cost system. According to the standards, 4 units must be produced in an hour of direct labor, with a standard labor rate of P14.70 per hour. During a given month, 1,600 units were produced requiring 360 hours at a total cost of P5,400.

46. How much is he labor efficiency variance?

47. How much is the labor rate variance?

Question 48 and 49 are based on the following information:

Actual Production12,000

Standard Labor cost per unit of ProductP6.25

Actual wages paid,29,800 DLR@ P2.55 per hour (this is 102% of the standard labor rate per hour)

48. The labor efficiency variance is:

49. The labor rate variance is:

50. Baduy Company makes one product and uses a standard cost system. The following data are accumulated for the month of July

StandardActualBudgeted

Direct Labor hours98,00095,000100,000

Direct Labor costsP294,000P294,500P300,000

Production (units)38,00038,00040,000

What is the labor rate variance for July:

Answer rating: 100% (QA)

Direct Material Cost Variances We can answer these questions using the concept of standard costing a... View the full answer