7. Choice (You must choose 6 questions from among #'s 5-13 to answer): Using the following example, identify AND calculate the two cost variances, AND the TOTAL DL Variance, associated with the example (Direct Labor Price Variance; Direct Labor Efficiency Variance). Standard costs for producing 1,000 units of a product are 950 direct labor hours at a cost of $25.00 per hour. Actual costs for producing 1,000 units of the product were 960 direct labor hours at a cost of $26.00 per hour.

7. Choice (You must choose 6 questions from among #'s 5-13 to answer): Using the following example, identify AND calculate the two cost variances, AND the TOTAL DL Variance, associated with the example (Direct Labor Price Variance; Direct Labor Efficiency Variance). Standard costs for producing 1,000 units of a product are 950 direct labor hours at a cost of $25.00 per hour. Actual costs for producing 1,000 units of the product were 960 direct labor hours at a cost of $26.00 per hour.

Name: 7. Choice (You must choose 6 questions from among #’s 5-13 to answer)
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Description: 7. Choice (You must choose 6 questions from among #’s 5-13 to answer):Using the following example, identify AND calculate the two cost variances, AND theTOTAL DL Variance, associated with the example (Direct Labor Price Variance; DirectLabor Efficie

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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You Did It! (YDI) has the following standards for direct labor: o Estimated quantity 8,900 direct labor hours o Estimated unit variable $48 per hour o Estimated fixed costs $18,000 YDI actually used 8,300 direct labor hours during production at an average hourly wage rate of $49.20, and actually incurred total fixed costs of $17,600. Using this information, answer the following questions. Please circle to identify the variance as favorable or unfavorable. What is the direct labor volume variance? Favorable or unfavorable?
Starts Inc. produces a product that require 3.50 standard hours per unit at a standard hourly rate of $17.00 per hour. Production of 7,500 units required 27,550 hours at an hourly rate of $16.00 per hour. What is the direct labor (a) rate variance, (b) time variance, and (c) total cost variance? (d) Perform the journal entries related to the variances.
52) Standard and actual costs for direct labor for the manufacture of 1,000 units of product were as follows: Actual costs 960 hours @ $36.00 Standard costs 970 hours @ $35.50 Determine the (a) time variance, (b) rate variance, and (c) total direct labor cost variance. For each variance, indicate if the variance is favorable or unfavorable. (a) (b) (c)
Feagin Company’s actual variable overhead was $73,000. Actual direct labor hours were 25,000 to make 20,000 finished products. The per-unit standard for direct labor hour is 1.5 hours, and the pre-determined variable overhead rate is $3 per direct labor hour. What were (1) the variable overhead spending variance (2) the variable overhead efficiency variance?
4.
Best, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) variable overhead, $3,800; actual fixed overhead, $3, 500; actual direct labor hours, 1,400. Read the requirements. Data table Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standardco \table [[,, Formula,Variance], [VOH cost variance, = , 1 = , ], [VOH efficiency variance, =,1 =, 0
Provide Answer for A B and C.. please provide with Step
The following data relate to a product manufactured by Kent Corporation: Direct material standard: 3.5 square feet at $2.50 per square foot Direct material purchased & used: 33,000 square feet at $2.60 per square foot Manufacturing activity: 9,600 units completed SHOW ALL COMPUTATIONS Compute price variance, quantity variance, direct material variance.
A company, which uses standard costing, manufactures a single product with the following cost card: Standard Direct Labor Hours allowed per unit of product 4.5 DLHS Standard Direct Labor Rate Selected results for the most recent period are: Budgeted Production Actual Production Actual Direct Labor Cost Actual Direct Labor Hours Labor Rate Variance Labor Spending Variance What is the Labor Rate Variance? 2,200 units 2,500 units $ 125,000 S 11,700 hours ? 4,150 Favorable ?per DLH
The following data relate to labor cost for production of 5,100 cellular telephones: Actual: 3,430 hrs. at $12.70 Standard: 3,380 hrs. at $13.00 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. 1,266 X 910 X -368 X Rate variance Favorable Unfavorable ✓ Time variance Total direct labor cost variance Favorable •✓ b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower may have resulted in less ✔efficient performance. Thus, the actual time required was more ✓ ✔labor rate than planned. The lower level of experience or training ✔than standard.
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Use the information provided to answer the questions. Actual price paid per pound of material $15.00 Total standard pounds for units produced this period 12,600 Pounds of material used 13,300 Direct materials price variance favorable $3,990.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $