Reference no: EM133018645

Questions -

Q1. Information on Irog's direct material costs of May is as follows:

Actual Quantity of direct materials purchased and used 30,000 pounds

Actual cost of direct materials P84,000

Unfavorable direct materials usage variance P3,000

Standard quantity of direct materials allowed for May production 29,000 pounds

For the Month of May, Irog's direct materials price variance was?

Q2. Cavite Company has a standard price of P5.50 per pound for materials. July's result showed an unfavorable material price variance of P44 and a favorable quantity variance of P209. If 1,066 pounds were used in production, what was the standard quantity allowed for materials?

Q3. Love Company, which has a standard cost system, had 500 units of raw materials X in its inventory at June 1, purchased in May for P1.20 per unit and carried at a standard cost of P1. The following information pertains to raw material X for the month of June:

Actual number of units purchased 1,400

Actual numbers of unit used 1,500

Standard number of unit allowed for actual production 1,300

Standard cost per unit P1

Actual cost per unit P1.10

The unfavorable materials purchase price variance for raw material X for June was?

Q4. Leyte company has a standard of 15 parts of component B15 costing 1.50 each, Leyte purchased 14,910 units of component B15 for P22,145. Leyte generated a P220 favorable price variance and a P3,735 favorable quantity variance. If there were no changes in the component inventory, how many units of finished product were produced?

Q5. Under Standard Cost System, the material quantity variance was recorded at P1,970 unfavorable, the materials price variance was recorded at P3,740 favorable and the Goods in Process was debited for P51,690. Ninety-six thousand units were completed. What was the per unit price of the actual materials used?