Maura Nobile & Company incurs losses continuously throughout the manufacturing process.

All materials are added

at the beginning of the process, and losses are accounted during the process if normal and at the end of the process
if abnormal. April 2014 operating statistics are as follows:
Standard cost per unit is for budgeted 10,000 units which will require 5,000 of machine hours and 2,000 of direct labor
hours:
Materials (2 units @ P28.75per unit) P 57.50
Labor 10.00
Overhead (of which P9.25 is fixed) 24.25
Total P 91.75
Actual
Pounds
Beginning inventory (75% complete) 2,000
Started in April 10,000
Completed and transferred 9,500
Ending inventory (70% complete) 1,000
Normal Loss 900
Abnormal Loss ?
Actual costs per pound produced
Beginning inventory
Material (@P27 per unit of material) P 56.70
Labor (@P49 per hour) 10.29
Overhead (@49.5 per machine hour) 25.74
Current period
Material (@P28 per unit of material) P 54.60
Labor (@P52 per hour) 9.88
Overhead (@P49 per machine hour) 24.99

Required: Assuming the company uses FIFO method,

a) Compute for the following: 10 pts each
1. Equivalent units of production for Material, Labor and Overhead.
2. Actual quantity used and actual costs of materials incurred.
3. Actual labor hours used and labor costs incurred.
4. Actual overhead costs incurred and actual machine hours used.
5. Standard Quantity of Materials allowed for the production.
6. Standard Labor Hours allowed for the production.
7. Standard Machine Hours allowed for the production.
8. Material Price Variance
9. Material Quantity Variance
10. Labor Rate Variance
 11. Labor Efficiency Variance
12. Spending Variance
13. Variable Efficiency Variance
14. Volume Variance
15. Cost of Goods Transferred Out at standard and at actual cost

Process Costing using Standard

SQ = SQ/u X EUP Materials
SH = SH/u X EUP Labor
SH = SH/u X EUP OH

Job Order Costing Using Standard

SQ = SQ/u X UP
SH = SH/u X UP