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= QUESTION 4

= FORMULA SHEET

= GUIDE

The Elinzano Company uses a budapeted overhead rate for applying factory overhead to job orders on a machine hour basis for the machining department and on a direct labor hour basis for the packaging department. The company budgeted the following for 20 1: Machining Packaging Factory overhead P159.480 P181487 Machine hours 100.116 90.000 Direct labor hours 50.000 100.369 A Direct labor cost 400.000 900.000 At the end of the year the company FOH Balances are: Machining Packaging Factory overhead incurred P114,545 P190.221 Direct labor cost P500,000 P1,000,000 Direct labor hours 55.000 98,002 Machine hours 99.790 91.000 Compute for the underapplied or overapplied for the company as a whole example: -4.500.56 Firal answer 2 decimal places include negative STANDARD COSTING FORMULA SHEET 1. Material/Labor Variances: Actual Costs Incurred: Flexible Flexible Budget: Budget: Standard Input Allowed for Actual Input x Actual Output x Actual Input Standard Price/Rate Standard Price/Rate Actual Price/Rate Price/Rate Variance Efficiency Variance Flexible Budget Variance 1. Factory Overhead Variances: C. Material/Labor Efficiency (Mix and Yield) Variances = s[(Actual Individual Quantity Used x Individual Standard Material Mix Variance Price)) - (Actual Total Quantity Used x Weighted Standard Input Price) Material Yield Variance - (Actual Total Quantity Used - Standard Input for Actual Total Output) x Weighted Standard Input Price Labor Mix Variance - S[(Actual Individual Hours Used x Individual Standard Rate) - (Actual Total Hours Used x Weighted Standard Rate) Labor Yield Variance = (Actual Input Hours - Standard Hours for Actual Output) Weighted Standard Rate