Quizzer – AFAR – Standard Costing
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Question 1 of 2
1. Question
The following information summarizes the standard cost for producing one metal tennis racket frame. In addition, the variances for one month’s production are given. Assume that all inventory accounts have zero balances at the beginning of the month:
Standard Cost Per Unit Standard Monthly Cost
Materials P 4.00 P 8,400
Direct labor 2 hrs. @P2.60 5.20 10,920
Factory overhead:
Variable 1.80 3,780
Fixed 5.00 10,500
Variances:
Materials price, P261,75 unfavorable
Materials quantity, P560.00 unfavorable
Labor rate, P520.00 unfavorable
Labor efficiency, P2,000.00 unfavorable
What were the actual direct labor hours worked during the month?
CorrectIncorrect -
Question 2 of 2
2. Question
The following information summarizes the standard cost for producing one metal tennis racket frame. In addition, the variances for one month’s production are given. Assume that all inventory accounts have zero balances at the beginning of the month:
Standard Cost Per Unit Standard Monthly Cost
Materials P 4.00 P 8,400
Direct labor 2 hrs. @P2.60 5.20 10,920
Factory overhead:
Variable 1.80 3,780
Fixed 5.00 10,500
Variances:
Materials price, P261,75 unfavorable
Materials quantity, P560.00 unfavorable
Labor rate, P520.00 unfavorable
Labor efficiency, P2,000.00 unfavorable
What were the actual quantities of materials used during the month?
CorrectIncorrect