STANDARD COSTING

Hermosa Enterprises recently experienced a fire, forcing the company to use incomplete information to analyze operations. Consider the following data and assume that all materials purchased during the period were used in production.

Direct materials:

Standard price per pound: P 9

Actual price per pound: P 8

Price variance: P 20,000 F

Total of direct material variances, P 2,000 F

Direct labor:

Actual hours worked: 40,000

Actual rate per hour: P 15

Efficiency variance: P 28,000 F

Total of direct-labor variances: P 12,000 UF

Hermosa completed 12,000 units

Required: Determine the following:

(1) actual materials used,

(2) materials quantity variances,

(3) labor rate variance,

(4) standard labor rate per hour, and

(5) standard labor time per finished unit.

Can I have a step by step computation on how you will come up with the answer?