E. Bernardo Corporation produces a product called Earnest. It uses a standard costing system and values its
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Question:
E. Bernardo Corporation produces a product called "Earnest". It uses a standard costing system and values its stocks at standard cost. The standard cost of raw materials in product Earnest is: 4 kilos of material Y at P10 per kilo = P40 per unit of Earnest. During May, the company purchased 14,200 kilos of Y at a cost of P170,400 or P12 per kilo. It produced 3,000 units of Earnest using 12,600 kilos of Y. What was the raw materials price variance for Material Y?*
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