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  • 07 Quiz 1

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    Von Marvic Ponce
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    The document shows a standard cost calculation for a product with a total standard cost of $22.65. It produced 140,000 units and incurred actual costs of $9.60 for materials, $8.10 for labor, $1.35 for variable overhead, and $3.60 for fixed overhead, for a total actual cost of $22.65 per unit. It also provides actual and standard cost and volume variances for direct materials, direct labor, variable overhead, and fixed overhead.

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    07-Quiz-1

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    The document shows a standard cost calculation for a product with a total standard cost of $22.65. It produced 140,000 units and incurred actual costs of $9.60 for materials, $8.10 for labor, $1.35 for variable overhead, and $3.60 for fixed overhead, for a total actual cost of $22.65 per unit. It also provides actual and standard cost and volume variances for direct materials, direct labor, variable overhead, and fixed overhead.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    20 views2 pages

    07 Quiz 1

    Uploaded by

    Von Marvic Ponce
    The document shows a standard cost calculation for a product with a total standard cost of $22.65. It produced 140,000 units and incurred actual costs of $9.60 for materials, $8.10 for labor, $1.35 for variable overhead, and $3.60 for fixed overhead, for a total actual cost of $22.65 per unit. It also provides actual and standard cost and volume variances for direct materials, direct labor, variable overhead, and fixed overhead.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Direct material (3 pounds at P3.20) P9.

    60
    Labor standard (0.9 hours at P9.00) 8.10
    Variable overhead (0.9 hours at P1.50) 1.35
    Fixed overhead (0.9 hours at P4.00) 3.60
    Total 22.65

    Units produced 140,000 units


    Materials purchased 421,175 lbs. at P3.30
    Materials used 421,000 lbs
    Direct labor 128, 750 at P8.90
    Fixed overhead P517,525
    Variable overhead 218,000

    Direct Materials Cost Variance


    MPUV
    Actual Cost Incurred 1,389,878
    42,678
    Actual Quantity of Input at
    Standard Price MQV
    1,347,200
    Standard Hours Allowed for
    Actual Output at Standard 213,200
    Price 1,134,000

    Direct Labor Cost Variance


    LRV
    Actual Cost Incurred
    1,145,875
    103,000
    Actual Hours of Input at
    Standard Price LEV
    1,042,875
    Standard Hours Allowed for
    Actual Output at Standard (91,125)
    Price 1,134,000

    Variable Overhead Cost Variance


    VRV
    Actual Cost Incurred
    218,000
    44,188
    Actual Hours of Input at
    Standard Price VEV
    173,813
    Standard Hours Allowed for
    Actual Output at Standard (15,188)
    Price 189,000

    Fixed Overhead Cost Variance


    FSV
    Actual Cost Incurred
    517,525
    (875)
    Budgeted Fixed Overhead
    (Budgeted Capacity x SP) FVV
    518,400
    Standard Hours Allowed for
    Actual Output at Standard 14,400
    Price 504,000

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