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The following are the data of a manufacturing company:Standard quantity per product 3

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The following are the data of a manufacturing company:Standard quantity per product 3.5 yds.standard price per yard of product P 6.00

Standard rate per direct labor hour P 18.00

Standard hours per product 2 hours

Predetermined OH rate of P4 based on DLH

Number of products completed 5,000 units

Cost of materials purchased

(20,000 yds. @ P5.40) P108,000

Yards of materials used             20,000 yds.

Cost of direct labor (10,500 hrs @ P20)               P210,000

Variable overhead costs incurred P40,950

 

Required:

 

1. Standard costs/u - DM, DL and VOH
2. Total standard cost per unit
3. Material price and quantity variance
4. Labor rate and efficiency variance
5. Overhead spending and efficiency variance