Reference no: EM132791529
The following data are the actual results for Ivan Company for the month of May:
Actual Output 4,500 units
Actual Variable Overhead P360,000
Actual Fixed Overhead P108,000
Actual Machine time 14,000 MH
Standard cost and budget information for Ivan Company follows:
Standard variable overhead rate P6.00 per MH
Standard quantity of machine hours 3 hours per unit
Budgeted fixed overhead P777,600 per year
Budgeted output 4,800 unit per month
Problem 1: The overhead efficiency variance is:
a. P3,400 favorable
b. P5,400 favorable
c. P3,000 unfavorable
d. P5,400 unfavorable
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