Reference no: EM133068586
Question - HL Co. the consultant of HP Co. had summarized the following standard cost data extracted from the historical records and performance reports issued by the cost accounting department in the prior year to assist in her analysis and evaluation of the standards costing policy of the company:
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Input required per unit
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Standard Cost per unit
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Standard Cost per unit
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Direct Materials
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6 kg / unit
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P90/kg
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P540
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Direct Labor
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5 hrs / unit
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P50/hr
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P250
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Other information follows: Budgeted FOH for the year:
Variable 480,000
Fixed 600,000
The company's normal capacity per month is 400 units
Actual Cost materials purchased for the year is P2,342,000
During the year direct materials purchased is 26,880 kg while direct materials actually used is 24,760 kg
Actual labor cost for the year 1,080,000 of which 24,900 direct labor hours was consumed
Actual factory overhead amounted to 3,320,000, 65% of which is fixed cost, FOH is based on labor hours
Actual production during the year 5,150 units
Required -
1. Compute the spending variance.
2. Compute the variable overhead efficiency variance.
3. Compute the controllable variance.
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