Reference no: EM132997641
Question - King Corporation uses a standard cost system. The manufacturing overhead rate is based on a normal yearly volume of 180,000 units requiring 24,000 direct labor hours, and at that volume, normal budget costs of:
Fixed costs P540,000
Variable costs 720,000
Total costs P1,260,000
During the month of May, the company produced 15,180 units of its product, requiring 2,030 direct labor hours. Actual overhead costs for the month included fixed costs of P46,000 and variable costs of P60,852.
Required -
a. Compute the standard overhead cost per unit of product and per labor hour?
b. Compute the total standard overhead cost for the month of May?
c. Compute the total variance between the actual and standard overhead costs for the month of May. Round amounts to the nearest peso indicate whether the variance is favorable (F) or unfavorable (U).
d. Divide the variance into its part using the two-variance method?
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