Reference no: EM133005216
Question - Mediamet Company produces one product and uses a standard costing system. The direct labor standard indicates that three direct labor hours should be used for every unit produced. The normal production volume is 120,000 units of this product. The budgeted overhead for the coming year follows:Fixed overhead P864,000*
Variable overhead P1,440,000
*At normal volume
Mediamet applies overhead on the basis of direct labor hours. During the year, Mediamet produced 120,600 units, worked 361,800 direct labor hours, and incurred actual fixed overhead costs of P940,320 and actual variable overhead costs of P1,443,500.
REQUIRED - For variances, answer in positive if unfavorable and negative if favorable.
-Compute the applied variable overhead rate per hour.
-Compute the variable overhead spending variance.
-Compute the variable overhead efficiency variance.
-Compute the applied fixed overhead rate per hour. Use 1 decimal point.
-Compute the fixed overhead spending variance.
-Compute the fixed overhead volume variance.
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