Reference no: EM132836376
Question - Colossians Corporation produces a single product. Variable manufacturing overhead is applied to products on the basis of direct labor hours. The standard costs for one unit of product are as follows:
Direct materials - 6 grams at P 5.00 P 30.00
Direct labor - 1.8 hours at P100 per hour 180.00
Variable manufacturing overhead 1.8 hrs at P50 90.00
Total standard variable cost per unit P300.00
During December 2020, 2,000 units were produced. The costs associated with December are as follows:
Materials purchased: 18,000 grams at P6.00 P108,000.00
Materials used in production: 14,000 grams -
Direct labor: 4,000 hours at P97.50 390,000.00
Variable manufacturing overhead costs incurred 208,000.00
Required -
a. Compute the material variances.
b. Compute the labor variances.
c. Compute the variable manufacturing variances.
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