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MANAGEMENT ACCOUNTING GROUP BUSINESS CASE ANALYSIS Term 2, Academic Year 2020-2021 Delcatty Design Company manufactures expensive brass doorknobs. It has total assets amounting to P2,500,000 and liabilities of P1,500,000. The fixed costs of producing and marketing the doorknob is P250,000. The variable costs per unit are the manufacturing costs (materials, labor and overhead) and marketing costs of P500 per unit. The normal selling price of a doorknob is P2,200. After careful study of the production, it was determined that manufacturing overhead was closely related to material usage. Thus, manufacturing overhead to production is allocated based on pounds of materials used. The following are the production STANDARDS: Input Cost / Doorknob Direct Material (brass) 0.3 lbs. at P117 / lb. P 35.10 Direct Labor 0.75 hrs. at P200 / hr. 150.00 Variable Manufacturing overhead P60 / lb. x 0.3 1b. 18.00 ACTUAL results for July 2017 are as follows: Production 35,000 doorknobs Direct Material Purchased 10,550 lb. at P120 / lb. Direct Materials Used 10,400 lbs. Direct Labor 26,225 hrs. for P5,271,200 Variable Manufacturing overhead P641,500 As a managerial accountant and business analyst for Del catty, the undertakings are as follows: A. Flexible-budget variances. Ascertain whether each is favorable (F) or unfavorable (U) and recommendations for improvement. (1) Materials Price Variance P (2) Raw Materials Inventory (3) Materials Quantity/ Usage Variance (4] Labor Rate Variance (5) Labor Efficiency Variance (6) Variable MOH Rate Variance (7) Variable MOH Efficiency Variance