Jean Corporation uses a standard cost system and has the following standard costs for direct materials and direct labor. Direct materials:  2.5 meters @ P14 per meter DIrect Labor: 1.6 hours @ P8 per hour P35.00 P12.80 During the month of February, 15,000 units were produced. The costs related to the production of the product were as follows: 50,000 meters of materials were purchased at a cost of P13.80 per meter. 40,000 meters of materials were used. 25,000 direct labor hours were used at a cost of P8.60 per hour. Prepare the journal entries to record the purchased of materials, used of materials and labor incurrence.

R Ltd. produces a product with the following costs as of July 1, 20XX: Material Labour Overhead $5 per unit 7 per unit 5 per unit Assuming R sold 26,000 units during the last six months of the year at $22 each, beginning inventory at these costs on July 1 was 8,000 units. From July 1 to December 31, 20XY, R produced 20,000 units. These units had a material cost of $6 per unit. The costs for labour and overhead were the same. a. If R uses FIFO inventory accounting, what would be the gross profit for the period? Gross profit b. If R uses FIFO inventory accounting, What is the value of ending inventory? Ending inventory

Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 3.00 per lb. $8.20 per hour $ 2.80 per lb. 1,040,000 lbs. 21,000 1,295,000 lbs. 17,000 1,070,000 lbs. $6,120 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October.

Lucia Company has set the following standard cost per unit for direct materials and direct labor.  Direct materials (16 pounds @ $3 per pound) $ 48 Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,100 units.  Direct materials (133,600 pounds @ $2.80 per pound) $ 374,080 Direct labor (29,200 hours @ $15.10 per hour) 440,920 AR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.

Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) Direct labor (3 hours @ $14 per hour) During June the company incurred the following actual costs to produce 8,700 units. Direct materials (133,500 pounds @ $3.70 per pound) $493,950 416,060 Direct labor (29,300 hours @ $14.20 per hour) AR = Actual Rate SR = Standard Rate AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price $60 42 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance.

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:     Standard Quantity or Hours Standard Priceor Rate StandardCost Direct materials 6.80  pounds $ 2.90 per pound $ 19.72 Direct labor 0.20 hours $ 9.00 per hour $ 1.80     During the most recent month, the following activity was recorded:   15,100.00 pounds of material were purchased at a cost of $2.60 per pound. All of the material purchased was used to produce 2,000 units of Zoom. 300 hours of direct labor time were recorded at a total labor cost of $3,300.   Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your…

BrightWater, LLP uses a standard costing system to collect costs related to the production of its mineral-infused water. The direct labor standard for each unit is 1.25 hours at a standard cost of $11.00 per hour. During the month of November, BrightWater’s unit production used 9,820 direct labor hours at a total direct labor cost of $106,547. This resulted in production of 8,500 units for November.  What is BrightWater’s labor efficiency variance for November?   Select one: a. $10,328 favorable. b. $13,047 unfavorable. c. $8,855 favorable. d. $14,520 unfavorable. e. Unable to calculate from the information given.

Sharp Company manufactures a product for which the following standards have been set: Standard Standard Quantity Standard Price or or Hours Rate Cost $15 3 feet hours $5 per foot ? per hour ? ? Direct materials Direct labor During March, the company purchased direct materials at a cost of $54,630, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $47,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. $ 2,400 U $ 3,300 U $…

Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate $2.70 per pound $7.90 per hour $ 2.50 per pound 1,010,000 pounds 21,000 1,215,000 pounds 14,000 1,040,000 pounds $5,880 F Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below.

Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate $ 5.50 per pound $ 24.00 per hour $ 11.00 per hour Direct materials 6.0 pounds Direct labor 0.8 hours Variable overhead 0.8 hours In January the company produced 3,350 units using 13,400 pounds of the direct material and 2,800 direct labor-hours. During the month, the company purchased 14,160 pounds of the direct material at & cost of $35,100. The actual direct labor cost was $66,796 and the actual variable overhead cost was $29,508. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is: