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Determine the standard labor time per finished unit

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Reference no: EM133017445

Question - STANDARD COSTING - 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 -

(1) Determine the actual materials used.

(2) Determine the materials quantity variances.

(3) Determine the labor rate variance.

(4) Determine the standard labor rate per hour, and

(5) Determine the standard labor time per finished unit.

Reference no: EM133017445

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