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What is the materials price usage variance

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Question - Sashimi Company uses a standard cost accounting system in its glass division. The standard cost of making one glass windshield is:

Direct materials (60 lbs. @ P 1/lb) P60.00

Direct labor (3 hr. @ P 10/hr) 30.00

Manufacturing overhead (3 hr. @ P 8/hr) 24.00

Total standard unit cost P 114.00

The current variable manufacturing overhead rate is P 3 per labor hour and the budgeted fixed manufacturing overhead is P 2,700. During July, the division produced 165 windshields compared to normal capacity of 180 windshields. The actual production cost was:

Direct materials (9,000 lbs) P10,800.00

Direct labor (500 hrs) 4,000.00

Manufacturing overhead (50% fixed) 5,200.00

Total actual cost P20,000.00

What is the materials price usage variance?

How much is the fixed overhead volume variance?

How much is the variable overhead spending variance?

What is the labor rate variance?

What is the materials usage variance?

Reference no: EM133129562

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