Information on Dulce's direct material costs for May is as follows: Actual quantity of direct materials purchased and used Actual cost of direct materials Unfavorable direct material usage variance 30,000 lbs. P84,000 P 3,000 Standard quantity of direct materials allowed for May production 29,000 lbs, Required: Compute the direct material price variance. Problem 2: Material Variance Katrina Company's direct material costs are as follows: Standard unit price Actual quantity purchased Standard quantity allowed for actual production Materials purchase price variance - favorable P 3.60 1,600 1,450 P 240 Required: Compute the actual purchase price per unit, rounded to the nearest centavos. Problem 3 Material Variance Irish Corporation produces chairs. The standard direct material cost to produce one unit of chairs is 4 meters of raw materials at P5.00 per meter. During 2020, 8,400 meters of raw materials were purchased at a cost of P20,160. All the purchased materials were actually used to produce 2,000 units of chairs. Required: 1. Compute the actual price per meter material price and quantity variance and prepare journal entry to record the variance, assuming the price variance is determined at the time of usage. 2. Assume that Irish purchased is 8,500 meters of materials for P20,400 but used only 8,400. Compute the material purchase price variance, quantity variance and prepare journal entries to record the variance, assuming the variance is determined at the earliest possible time. Problem 4: Labor Variance Information of Hanes' direct labor costs for the month of May is as follows: Actual direct labor rate Standard direct labor hours allowed Actual direct labor hours Direct labor rate variance - favorable P7.50 11,000 10,000 85,500 Required: Compute the standard direct labor rate in effect for the month of May. Problem 5: Labor Variance STA Company uses a standard cost system. The following information pertains to direct labor costs for the month of June: Standard direct labor rate per hour Actual direct labor rate per hour Labor rate variance (favorable) Actual output (units) Standard hours allowed for actual production Required: P 10.00 P 9.00 P12,000 2,000 10,000 hours How many actual labor hours were worked during March for STA Company? Problem 6: Labor Variance The following are the records of Irvin Corp for the month of March: Standard Direct labor hour allowed Actual Direct labor rate Actual Direct labor hours Labor rate variance Required: 22,000 P15 20,000 10,000 F 2. Prepare journal entries to record accrual of direct labor cost and to record 1. Compute the direct labor efficiency variance, standard direct labor rate. the labor variances. Journal Entries