Compute the variable efficiency variance

Assignment Help Cost Accounting
Reference no: EM133092411

Question - The Standard manufacturing corporation uses a standard cost system in accounting for the cost of its only product. The standard cost per unit (based on 10,000 units production) was set up as follows: Direct materials, 10 kgs @ P11/kg.; Direct labor, 8 hours @ P50 per hour; Factory overhead, 8 hours @ P15 per hour. The following data on the operations appear in the company's record for the month of July: Units completed during the month, 8,000 units; units in process at the end of the month, with 100% materials but half completed, 1,000 units; Direct materials used, 95,000 kgs @ P10 per kg; Direct labor, P3,510,000 at a rate of P54; Actual overhead for the month P985,000. Compute the Variable efficiency variance. Indicate whether favorable or unfavorable.

Reference no: EM133092411

Questions Cloud

Identify microethical and macroethical dilemma : You were asked to identify a microethical and macroethical dilemma that might occur in health care organizations.
Determine the amount of cash provided by or used : Texas, Inc., sold common stock for $560,000 and preferred stock for $36,000 during the current year. Determine the amount of cash provided by or used
Define contingency planning : Define contingency planning. How does contingency planning differ from scenario planning? Provide an overview of the scenario-planning process.
Difference between predicting and forecasting the future : Describe the difference between predicting and forecasting the future.
Compute the variable efficiency variance : Actual overhead for the month P985,000. Compute the Variable efficiency variance. Indicate whether favorable or unfavorable
How are columbians family oriented : How are Columbians family oriented? Why is there culture like? How is their culture imported to the culture of EFCO products?
What is the amount of termination benefit : Based on this offer, the entity expected to retain 50 employees until the factory is closed. What is the amount of termination benefit
Methodologies for predicting future events : What is the definition of scenario planning? Why is it important to organizations? How does it differ from the other methodologies for predicting future events?
Determinants of demand and inelastic demand : What are the determinants of demand and inelastic demand in the pharmaceutical market and what are there advantages and disadvantages.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Give the accounting equation effects of the adjustments

For the transactions for the Sky Blue Corporation, give the accounting equation effects of the adjustments required at the end of the month on October 31.

  Journalize the issuance of the bonds

Truestar Communication issued $90,000 of 9%, 10-year bonds payable on August 1, 2012, at par value. Truestar's accounting year ends on December 31.Requirements

  Prepare the financial statements for studio photography

Prepare the financial statements for Studio Photography for the year ended December and statement of owners equity

  Example on intangible assets

Example on Intangible assets and the benefits are expected to last six years.

  What was the firms net income

What was the cash flow from operating activities and what was the firm's net income

  Why would company use a predetermined overhead application

Why would the company use a predetermined overhead application rate for costing the production of custom-built dining-room settings?

  Outline any benefits to practical solutions

Outline any ethical issues involved in Mr Smith taking the trip. Relate any ethical issues directly to the facts of the business case and outline any benefits to Practical Solutions Pty Ltd of Mr Smith taking the trip.

  What are the ways that customers affect a firms costs

What are some ways that customers affect a firm's costs and calculate the ratio of the prevention, appraisal, internal failure, and external failure costs to sales for March and April.

  Briefly explain the difference between a transaction driver

Briefly explain the difference between a transaction driver and a duration driver and give an example of each

  Costellos deferred income tax expense or benefit would be

Costello Corporation reported pretax book income of $501,700. During the current year, the reserve for bad debts increased by $8,400.

  What is the new balance sheet of the bank

Now suppose that on October 31, 2012, the yield curve shifts parallel such that all yields rise to 12%. What is the new balance sheet of the bank

  What were the equivalent units of direct materials

What were the equivalent units of direct materials and conversion costs, respectively, at the end of February? Assume Audrey uses the weighted-average process

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd