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MILKTI uses standard cost system for its production of milk tea. Milk tea is produced by mixing up the following major ingredients: milk tea and sugar syrup. All ingredients are inventorled per liter (for ease of accounting), Milk tea are sold per cup, and to produce one cup of milk tea needs 500ml Materials standards and costs for the production of one output are: Ingredients Liters Cost per liter (Php) Amount Milk 0.40 160.00 24.00 Tea 0.05 100.00 5.00 Sugar syrup 0.05 50.00 2.50 Total Input 0.500 31.50 Output 0.500 The monthly factory overhead budget for a normal capacity level of 2,500 direct labor hours is as follows: Variable Overhead P 22.500 Fixed Overhead 40.000 P61.500 Total To convert 0.50 of ingredients into 0.50 of output requires 0.20 direct labor hours at P65.00 per direct labor hour. Factory overhead is applied on a direct labor hour basis. sota P61.500 To convert 0.50 of ingredients into 0.50 of output requires 0.20 direct labor hours P65,00 per direct labor hour Factory overhead is applied on a direct labor hour basis Actual data for the month of September follows: The company has been able to produce 20,000 cups of milk tea, with cost as follow Direct Labor 2.550 hours at P150.000 Variable Overhead 24,000 Fixed Overhead 40.000 Materials Purchased Quantity (liter) Cost / ks MIK 12.000 P 60.00 Tea 1.500 P108.00 Sugar 1.500 P 45.00 No inventories of work in process at the beginning of the month existed. No beginning inventory of material as well because the company practions Just In Time principle. The amount purchased is the amount to be used in making milk tea Format in answering number space Better (capital letter, maximum 2 decimal places, see examplet -3,000 25 F or 1521.50 U Required Sugar 1,500 P45.00 No inventories of work in process at the beginning of the month existed. No beginning inventory of materials as well because the company practice Just in Time principle. The amount purchased is the amount to be used in making milk tea. Format in answering number space letter capital letter, maximum 2 decimal places, see example: -3.00025 F or 1521.500 Required Material Yield Variance Labor Rate Variance Labor Efficiency Variance FOH Production Volume Variance FOH Flexible Budget Variance Standard Costing Formula