354 Chapter 10 23. Information on Benning Company's direct material costs is as follows: 24. Actual units of direct materials used. Actual direct materials cost P20,000 P40,000 Standard price per unit of direct materials ............. P 2.10 Direct materials efficiency variance - favorable.... P 3,000 What was Benning's direct material price variance? a. P1,000 favorable b. P1,000 unfavorable C. P2,000 favorable d. P2,000 unfavorable Information on Bisset Company's direct material costs is as follows: Standard unit price......... Actual quantity purchased. Standard quantity allowed for actual production... Materials purchase price variance. P3.60 1,600 1,450 P240 What was the actual purchase price per unit, rounded to the nearest centavo? a. P3.06 b. P3.11 c. P3.45 d. P3.75 25. Holmes Company manufactures tables with vinyl tops. The standard material cost for the vinyl used per Type-K table is P7.80 based on six square feet of vinyl at a cost of P1.30 per square foot. A production run of 1,000 tables in January 2018 resulted in usage of 6,400 square feet of vinyl at a cost of P1.20 per square foot, a total cost of P7,680. The usage variance resulting from the above production run was C. P520 unfavorable. a. P120 favorable. b. P480 unfavorable. d. P640 favorable. 26. Fowler Corp. uses a standard cost system. Direct labor information for product JRE for the month of October is as follows: Standard rate..... Actual rate paid Standard hours allowed for actual Production........... Labor efficiency variance.. P6.00 per hour P6.10 per hour 1,500 hours P600 unfavorable