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Calculate the variances

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Reference no: EM132715016

Question - MAD Inc. produces a single product at the following standard factory overhead costs:

Variable overhead (3 hours @ P15/hr) P45

Fixed overhead (3 hours @P5/hr) P15

During the month, MAD Inc. produced 1,100 units and incurred the following overhead costs:

Variable overhead (3,250 hours @ P14.50/hr) P47,125

Fixed overhead - P16,000

Required - Calculate the variances under:

1. Two variance method.

2. Three variance method (SVV and SIE).

3. Four variance method.

Reference no: EM132715016

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