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Determine the standard labor time per finished unit

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Question - Hermosa Enterprises recently experienced a fire, forcing the company to use incomplete information to analyze operations. Consider the following data and assume that all materials purchased during the period were used in production.

Direct materials:

Standard price per pound: P9

Actual price per pound: P8

Price variance: P20,000 F

Total of direct material variances, P2,000 F

Direct labor:

Actual hours worked: 40,000

Actual rate per hour: P15

Efficiency variance: P28,000 F

Total of direct-labor variances: P12,000 UF

Hermosa completed 12,000 units

Required - Determine the following: (1) actual materials used, (2) materials quantity variances, (3) labor rate variance, (4) standard labor rate per hour, and (5) standard labor time per finished unit.

Reference no: EM132934208

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