Items 49 and 50 are based on the following information:

The following information relates to a given department of Li Company for the first quarter of 2020:

Actual total overhead (fixed plus variable) P 178,500

Budget formula P 110,000 plus P 0.50 per hour

Total overhead application rate P 1.50 per hour

Spending variance (from three-way analysis) P 8,000 unfavorable

Volume variance (from two-way analysis) P 5,000 favorable

Over-all factory overhead variance P 6,000 unfavorable

49. What were the actual hours worked in this department during the quarter?

a. 110,000 c. 137,000

b. 121,000 d. 153,000

50. What were the standard hours allowed for good output in this department?

a. 105,000 c. 110,000

b. 106,667 d. 115,000

51. Information on Lee Company's manufacturing overhead costs for last period is given below:

Actual direct labor hours worked 40,000 hours

Standard hours allowed for actual production 38,000 hours

Denominator hours used in computing the predetermined overhead rate 35,000 hours

Predetermined overhead rate P 4 per hour

Actual overhead costs incurred P 150,000

Lee Company uses a standard cost system and applies manufacturing overhead cost to units of product on the basis of

direct labor hours. Given these data, the overhead cost for the period would be:

a. P 2,000 over-applied c. P 10,000 over-applied

b. P 8,000 under-applied d. P 10,000 under-applied

52. Lim Company has a P 20,000 unfavorable fixed overhead budget variance, a P 12,000 unfavorable variable overhead

spending variance, and a P 4,000 favorable volume variance. What was the total overhead?

a. P 28,000 over-applied c. P 36,000 over-applied

b. P 28,000 under-applied d. P 36,000 under-applied

53. Lo Company had a P 18,000 favorable volume variance, a P 15,000 unfavorable variable overhead spending variance,

and P 12,000 total over-applied overhead. The fixed overhead budget variance was

a. P 9,000 favorable c. P 9,000 unfavorable

b. P 16,000 unfavorable d. P 16,000 favorable

54. The efficiency variance for either labor or materials can be divided into

a. Spending variance and yield variance c. Volume variance and mix variance

b. Yield variance and price variance d. Yield variance and mix variance

Items 55 and 56 are based on the following information

Lam Company's standard direct labor rates in effect for the fiscal year ending June 30 and standard hours allowed

for the output in April are:

Standard DL Rate per Hour Standard DL Hours Allowed for Output

Engineering P 8.00 500

Carpentry 7.00 500

Masonry 5.00 500

The wage rates for each labor class increased on January 1 under the terms of a new union contract. The actual direct

labor hours (DLH) and the actual direct labor rates for April were as follows:

Actual Rate Actual DLH

Engineering P 8.50 550

Carpentry 7.50 650

Masonry 5.40 375

55. How much is the labor yield variance?

a. P 500 c. P 820

b. P 320 d. P 515

56. How much is the labor mix variance?

a. P 50 c. P 66.67

b. P 325 d. P 500

57. A standard costing system is most often used by a firm in conjunction with

a. Management by objectives c. Participative management programs

b. Target (hurdle) rates of return d. Flexible budgets

58. A difference between standard costs used for cost control and budgeted costs

a. Can exist because standard costs must be determined after the budget is completed.

b. Can exist because standard costs represent what costs should be, whereas budgeted costs represent

expected actual costs.

c. Can exist because standard costs are historical, whereas standard costs are based on engineering

studies.

d. Cannot exist because they should be the same amounts.

PLEASE SHOW ALL WORKINGS ASAP!!!!