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Question - Concorde Industries provided the following information about its standard costing system for 2019:
Standard Data
Actual Data
Labor
2 hrs. @ Php21 per hr.
Produced
8,000 units
Budgeted fixed overhead costing Php300,000
Php100,000
Labor worked
15,000 hrs.
Budgeted variable overhead
Php30 per unit
Actual overhead
Php355,000
Budgeted production
10,000 units
Concord Industries applies fixed overhead at Php10 per unit produced.
Required -
(a) Compute the total overhead variance.
(b) Compute the overhead controllable variance.
(c) Compute the overhead volume variance.
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