AcMNGT 321 ASSIGNMENT

Standard Costing for 3/8/23 submission

Give what are asked in the case that follow. Show your computations on your yellow paper. Label and
properly identify (encircle or box) your final answer.

Standard and actual information for the May 2021 operations of White Lily Company are presented below:
Material standards for one batch (200 1-pound packages):
Material A 60 pounds at ₱7.20 per pound ₱ 432
Material B 90 pounds at ₱4.50 per pound 405
Material C 50 pounds at ₱5.00 per pound 250
Total 200 pounds ₱1,087

Labor standards for one batch (200 1-pound packages):

Category I workers 9 hours at P10.50 per hour ₱ 94.50
Category II workers 3 hours at P14.30 per hour 42.90
Total 12 hours ₱137.40

Actual production and cost data for May

Production 40 batches
Material:
A purchased and used 2,285.70 pounds at ₱7.50 per pound
B purchased and used 3,649.10 pounds at ₱4.40 per pound
C purchased and used 2,085.20 pounds at ₱4.95 per pound

Labor:
Category I workers 450 hours at ₱10.50 per hour
Category II workers 50 hours at ₱14.40 per hour

Determine the following:

a) Total materials variance
b) Total material price, quantity, mix and yield variances
c) Total labor variance
d) Total labor rate, efficiency, mix and yield variances

. . . END . . .
Once when cooking, Lea’s father decided to use the opportunity to teach his daughter about
life’s adversities and how it affects people differently.

He placed three pots of boiling water on the stove and asked Lea to put an egg into the first, a
potato into the second, and tea leaves into the third. He then instructed Lea to keep an eye on all
three items for 12 minutes. After 12 minutes, her father takes out the egg, potato, and strains the
tea.

He asks Lea to peel the egg and potatoes. Lea is confused as she peel s both the egg and potato
which had changed since they went into the water. Her father explains, “All the three items were
put in the same boiling water but they all reacted differently. The fragile egg came out hard, the
tough potato turned soft and the tea leaves changed the water into something beautiful with
their aroma and flavour.”

He laughed seeing her confused face “This is how life works.” he said “Life puts everyone in
tough situations. It’s up to you to decide how you will come out of it. Now, w ho are you like? The
potato, egg, or tea leaves?” he asked her as she smiled.

Moral of the story: It’s not what happens to you, it’s how you react to it that matters.