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What is the material price variance for December

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Reference no: EM132915737

Question - Company has developed the following standards for one of its products:

STANDARD COSTS SHEET One Unit of Product:

Materials (4 pounds × P5 per pound) P20.00

Direct labor (1 hour × P7 per hour) P7.00

Additional notes:

1. Overhead is applied based on direct labor hours.

2. The standard direct labor hours for the variable overhead is 1 hour.

3. The total standard variable cost is P31.

The following activity occurred during the month of December:

Materials purchased 4,100 pounds costing P18,800

Materials used 3,640 pounds

Units produced 900 units

Direct labor 1,000 hours costing P7,800

Required -

Question 1: What is the material price variance for December?

Question 2: How much is the variable efficiency variance?

Reference no: EM132915737

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