Company produces almond chocolate products. At the beginning of the year, VEP had the following standard cost sheet per unit (jar) of almond chocolates (estimated to yield 1.50 kg per unit): SP Usage Standard Cost Direct Material: Almond P 50.00 0.75 kg P 37.50 Chocolate P 60.00 1.25 kg P 75.00 Total 2.00 kg P 112.50 Direct Labor: Assembly P 40.00 45 minutes P 30.00 Packaging P 30.00 15 minutes P 7.50 Total 1 hour P 37.50 Overhead: Variable P 20.00 1 hour P 20.00 Fixed P 30.00 1 hour P 30.00 Total P 50.00 Total Cost per Unit P 200.00 VEP computes its overhead rates using practical volume, which is 3,400 units. The actual results for the year are as follows: ▪ Units produced: 3,100 ▪ Actual yield: 4,650 kg ▪ Direct materials purchased: Almond 2,800 kg @ P56.00; Chocolate 4,000 @ P57.00 ▪ Direct materials used: Almond 2,500 kg; Chocolate 3,600 kg ▪ Direct labor: Assembly 1,800 hours @ 40.00; Packaging 1,500 hours @ P40.00 ▪ Variable overhead: P65,000 ▪ Fixed overhead: P105,000 Compute to the nearest centavo; answers rounded to nearest peso.

Listed below are the requirements for this data set. Fill your answers in the next eight questions. 

Find the following:

• Material quantity variance 

• Material mix variance 

 Material yield variance 

• Labor rate variance •

Labor mix variance •

Labor yield variance •

Controllable overhead variance under the two-way variance analysis • 

Uncontrollable overhead variance under the two-way variance analysis

Answer rating: 100% (QA)

To calculate the variances well use the following formulas 1 Material Quantity Variance Material Quantity Variance Standard Quantity Actual Quantity S... View the full answer