Reference no: EM132982329
Question - Norris Company produces telephones. To help control costs, Norris employs a standard costing system and uses a flexible budget to predict overhead costs at various levels of activity. For the most recent year, Norris used a standard overhead rate of P18 per direct labor hour. The rate was computed using practical activity. Budgeted overhead costs are P792,000 for 36,000 direct labor hours and P1,080,000 for 60,000 direct labor hours. During the past year, Norris generated the following data:
a. Actual production: 100,000 units.
b. Fixed overhead volume variance: P36,000 U.
c. Determine variable overhead efficiency variance: P24,000 F.
d. Actual fixed overhead costs: P380,000.
e. Actual variable overhead costs: P620,000.
REQUIRED -
1. Calculate the fixed overhead rate:
2. Determine the fixed overhead spending variance.
3. Determine the variable overhead spending variance.
4. Determine the standard hours allowed per unit of product.
5. Assuming the standard labor rate is P13 per hour, compute the labor efficiency variance.
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