Question: help me solve this with a solution. PROBLEM 2 1. Superior Company, which started business on April 1, uses a standard cost system in accounting
help me solve this with a solution.

PROBLEM 2 1. Superior Company, which started business on April 1, uses a standard cost system in accounting for manufacturing costs. The standard costs for a unit of its product are: Materials: 2 units at P3 per kilo P6.00 Labor: 1 hour at P4 per hour 4.00 Factory overhead: 75% of direct labor cost 3.00 P13.00 Following data were gathered from Superior's records for April: Units produced 5,000 Units sold 4,000 Sales P100,000 Purchases (11,000 kilos) P 38,500 Materials price variance (applicable to April purchases) P550 unfavorable Actual quantity of materials used 10,500 kilos Actual labor hours worked 4,800 hours Direct labor rate vanance P800 favorable Factory overhead total variance P500 unfavorable a. The material quantity variance for April was b. The direct labor efficiency variance for April was c. The actual factory overhead for April was
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
