Question
The accountant of JYD Corporation prepared the following cost analysis report on direct labor costs for the jobs completed during the previous months: Job Actual
The accountant of JYD Corporation prepared the following cost analysis report on direct labor costs for the jobs completed during the previous months:
Job Actual Hrs. at Actual Rates Actual Hrs. at Standard Rates Standard Hrs. at Standard Rates
105 P2,270 P2,590 P2,170
110 10,740 10,970 10,500
117 4,730 4,900 4,620
120 13,850 13,600 13,480
Total P31,590 P32,060 P30,770
- What is the total direct labor variance for the jobs completed?
- What is the labor rate variance?
- What is the labor efficiency variance?
The following information pertains to Peter Senen Companys production on a one unit of Product A:
Quantity Price Cost per Unit
Materials-standard 7.5 kgs P0.30/kg P2.25/unit
Labor standard .6 hr. 10.00/hr. 6.00/unit
During the period, the company produced 15,000 units of Product A. It purchased 140,000 kgs. of materials at P0.25 per kilo. It incurred direct labor cost of P90,780 at P10.20 per labor hour used. At the end of the period, the companys inventory of materials increased by 25,000 kgs. The company recognizes the material price variance when materials are purchased.
- How much was the companys material price variance?
- What was the companys materials quantity variance?
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