REQUIRED: 1. Determine the following graphically for: a. Actual cost per pound of raw materials b. Actual number of pounds used up rounded to the nearest whole pound c. Standard number of pounds...

Extracted text: REQUIRED: 1. Determine the following graphically for: a. Actual cost per pound of raw materials b. Actual number of pounds used up rounded to the nearest whole pound c. Standard number of pounds allowed the actual production d. Actual labor rate per hour e. Actual number of hours used up f. Standard number of hours allowed the actual production g. Actual number of units produced (double-check) h. Normal production in units and hours i. Actual fixed overhead j. Actual variable overhead


Extracted text: Reliance, Inc, utilizes a standard cost system for budget and control purposes. Flexible budgets are determined and all overbead cost items are assigned on the basis of standard direct labor hours. The following standard cost per finished unit was determined on the basis of a projected monthly normal production for 2020: Direct materials (3 pounds @ P6.00) Direct labor (0.30 hour @P40.00) Variable overhead (0.30 hour @P10) Fixed overhead (0.30 hour @ P6-2/3) P18.00 12.00 3.00 2.00 Total P35.00 You have just received the condensed performance report for the month of Sept., 2020. VARIANCE ANALYSIS Price or Quantity or time or Standard Сарacity Costs Rate Variances Direct materials used Direct labor costs Applied P162,000 108,000 Efficiency P6,000 U 1,200 U P14,000 F *18,200 U 5,250 U 1,500 U Variable overhead 27,000 18,000 300 U Fixed overhead P4,000* U * Includes labor joint variance. ** Includes overhead capacity variance & fixed overhead efficiency variance