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  • Standard Costing Hand-Out

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    Joshua Romasanta
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    Ling Xiaoyu Co. produced 50,000 plastic microcomputer cases last month. The standard costs and actual production costs are presented. Students are instructed to calculate the materials, labor, and overhead variances based on the standard costs of $2.00 per unit for materials, $1.50 per unit for labor, and $0.50 per unit for overhead, and the actual costs of $132,000 for materials, $84,000 for labor, and $111,000 for overhead.

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    Standard Costing Hand out accounting cost acc

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    Standard Costing Hand-out (1)

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    Ling Xiaoyu Co. produced 50,000 plastic microcomputer cases last month. The standard costs and actual production costs are presented. Students are instructed to calculate the materials, labor, and overhead variances based on the standard costs of $2.00 per unit for materials, $1.50 per unit for labor, and $0.50 per unit for overhead, and the actual costs of $132,000 for materials, $84,000 for labor, and $111,000 for overhead.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    58 views1 page

    Standard Costing Hand-Out

    Uploaded by

    Joshua Romasanta
    Ling Xiaoyu Co. produced 50,000 plastic microcomputer cases last month. The standard costs and actual production costs are presented. Students are instructed to calculate the materials, labor, and overhead variances based on the standard costs of $2.00 per unit for materials, $1.50 per unit for labor, and $0.50 per unit for overhead, and the actual costs of $132,000 for materials, $84,000 for labor, and $111,000 for overhead.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    STANDARD COSTING

    PROBLEM
    Last month, the following events took place at Ling Xiaoyu Co. They were presented by the cost accountant, Cheryll
    Crizzle.

    a. Produced 50,000 plastic microcomputer cases.


    b. Standard variable costs per unit (per case)
    Direct materials; 2 pounds at P1.00 P2.00
    Direct labor; 0.10 hours at P15 1.50
    Variable manufacturing overhead 0.10 hrs at P5 0.50
    c. Fixed manufacturing overhead cost
    Monthly budget – 40,000 cases or 4,000
    standard hours P80,000
    d. Actual production costs
    Direct materials purchased 200,000 lbs. at P1.20 240,000
    Direct materials used – 110,000 lbs at P1.20 132,000
    Direct labor – 6,000 hours at P14 84,000
    Factory Overhead 111,000
    Instructions:
    1. Compute the materials, labor and overhead variances.

    STANDARD COSTING

    PROBLEM
    Last month, the following events took place at Ling Xiaoyu Co. They were presented by the cost accountant, Cheryll
    Crizzle.

    a. Produced 50,000 plastic microcomputer cases.


    b. Standard variable costs per unit (per case)
    Direct materials; 2 pounds at P1.00 P2.00
    Direct labor; 0.10 hours at P15 1.50
    Variable manufacturing overhead 0.10 hrs at P5 0.50
    c. Fixed manufacturing overhead cost
    Monthly budget – 40,000 cases or 4,000
    standard hours P80,000
    d. Actual production costs
    Direct materials purchased 200,000 lbs. at P1.20 240,000
    Direct materials used – 110,000 lbs at P1.20 132,000
    Direct labor – 6,000 hours at P14 84,000
    Factory Overhead 111,000
    Instructions:
    1. Compute the materials, labor and overhead variances.

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