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PROBLEM 1 Required: Danson Company is a chemical manufacturer that supplies Compute the materials variances and indicate if they are various products to industrial users. The company plans to favorable or unfavorable. introduce a new chemical solution, called Nysap, for which it B. Compute the labor variances and indicate if they are needs to develop a standard product cost. The following favorable or unfavorable. information is available on the production of Nysap: C. Prepare the journal entries for the following: Purchase of raw materials Nysap is made by combining a chemical compound (nyclyn) Issuance of raw materials and a solution (salex), and boiling the mixture. A 20% loss in Addition of labor to Work in Process volume occurs for both the salex and the nyclyn during boiling Closing of variances to Cost of Goods Sold After boiling, the mixture consists of 10.8 liters of salex and 14.4 kilograms of nyclyn per 10-liter batch of Nysap. PROBLEM 6 After the boiling process is complete, the solution is cooled Mactan Company applies overhead based on direct labor hours slightly before 6 kilograms of protet are added per 10-liter and has the following available for the month of May: batch of Nysap. The addition of the protet does not affect the total liquid volume. The resulting solution is then bottled in Standard: 10-liter containers. Direct labor hours per unit 5 Variable overhead per DLH P.75 The finished product is highly unstable, and one 10-liter batch Fixed overhead per DLH out of six is rejected at final inspection. Rejected batches have (based on 8,900 DLHs) P1.90 no commercial value and are thrown out. Actual: It takes a worker 42 minutes to process one 10-liter batch of Nysap. Employees work an eight-hour day, including one hour Units produced 1,800 per day for rest breaks and cleanup. Direct labor hours 8,900 Variable overhead P6,400 Required: Fixed overhead P17,500 A. Determine the standard quantity for each of the raw materials needed to produce an acceptable 10-liter batch Required: of Nysap. A. Compute all the appropriate variances using the two- B. Determine the standard labor time to produce an acceptable variance approach. 10-liter batch of Nysap. B. Assume that the variances are immaterial. Prepare all the necessary journal entries. PROBLEM 3 Ander Company has the following information concerning its PROBLEM 8 direct labor: Wild Company applies overhead on a direct labor hour basis. Each unit of product requires 5 direct labor hours. Overhead is Direct Labor: applied on a 40 percent variable and 60 percent fixed basis; the Standard Hours 6,500 overhead application rate is P15 per hour. Standards are Actual Hours 6,350 based on a normal monthly capacity of 5,000 direct labor hours. During September 2020, Wild produced 1,015 units of Standard Rate P15 product and incurred 6,000 direct labor hours. Actual Actual Rate P18 overhead cost for the month was P80,000. 1. What were standard hours allowed for September? Required 2. What is total annual budgeted fixed overhead cost? A. Determine the labor rate variance and whether it is 3. What is the controllable overhead variance? favorable or unfavorable. 4. What is the noncontrollable (volume) variance? B. Determine the labor efficiency variance and whether it is favorable or unfavorable. PROBLEM 9 C. Provide the journal entry for the labor variances. Everjoice Company makes clocks. The fixed overhead costs for 2020 total P960,000. The company uses direct labor-hours for fixed overhead allocation and anticipates 240,000 hours during the year for 480,000 units. An equal number of units PROBLEM 5 are budgeted for each month. Gapo Company produces jeans. The following standards have been established: During June, 39,000 clocks were produced and P78,000 were spent on fixed overhead. Direct materials (4 yards of denim @ P1.20) P4.80 Required: Direct labor (1.5 hours @ P9) P13.50 1. Determine the fixed overhead rate for the year based on Standard prime cost P18.30 units of input. 2. Determine the fixed overhead static-budget variance for During the year 25,000 pairs of jeans were produced. 150,000 June. yards of denim were purchased and used at P1.23 per yard. 3. Determine the production-volume overhead variance for Actual direct labor hours were 36,800 at P9.25 per hour. June