The U.R. Good Company produces a product using standard costs as follows:
a. Standard cost per unit
Materials 7 kilos at ₱ 3.50 per kilo
Labor 8 hours at ₱ 1.75 per kilo
Fixed MOH ₱ 1.15 per hour or ₱ 9.20 per unit
Variable MOH ₱ 0.85 per hour or ₱ 6.80 per unit
b. Overhead is applied on direct labor hours
c. Actual performance (1 month)
Volume produced 800
Labor hours 6,300
Overhead ₱13,200
Material Cost ₱ 3.45 per kilo
Labor Cost ₱ 1.80 per hour
Material Used 4,800 kilos
The Material Quantity Variance is ____________________ .
Group of answer choices
₱ 2,800 Favorable
₱ 250 Unfavorable
₱ 200 Favorable
₱ 240 Favorable
Which of the following is not an acceptable method of determining the required annual payment of federal income tax for corporations? A) 100 percent of the prior year's tax liability (with a few exceptions) B) 100 percent of the current year's tax liability C) 100 percent of the estimated current year tax liability using the annualized income method D) All of the choices are acceptable methods of determining the required annual payment of federal income tax for corporations. Explain. Explain.
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