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 11,700 hours ? 4,150 Favorable ?per DLH

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 11,700 hours ? 4,150 Favorable ?per DLH

Name: A company, which uses standard costing, manufactures a single product
Uploaded: 2024-03-20T06:33:06.000Z
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Description: A company, which uses standard costing, manufactures a single product with the following cost card:Standard Direct Labor Hours allowed per unit of product4.5 DLHSStandard Direct Labor RateSelected results for the most recent period are:Budgeted Prod

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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The following data relate to direct labor costs for the current period: Line Item Description Value Standard costs 7,000 hours at $11.90 Actual costs 6,300 hours at $10.70 The direct labor time variance is a. $8,330 unfavorable b. $7,490 favorable c. $7,490 unfavorable d. $8,330 favorable
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Data on Gantry Company's direct labor costs are given below: Standard direct labor-hours Actual direct labor-hours Direct labor efficiency variance-favorable Direct labor rate variance-favorable Total direct labor payroll What was Gantry's actual direct labor rate? 35,000 34,000 $ 4,100 $ 6,800 $ 132,600 Multiple Choice $4.10 $3.70 $3.90 $6.80
Ramona Company has the following labor-related data: Standard labor hours for output: 15,000 hours Standard labor rate: $10 per hour Actual labor rate: $8 per hour Actual labor hours: 17,500 hours Given this data, which one of the following would be included in the single journal entry needed to record Wages Payable and the labor variances? a. credit Labor Efficiency Variance for $25,000 b. debit Labor Rate Variance for $35,000 c. credit Wages Payable for $175,000 d. debit Work-In-Process Inventory for $140,000 e. credit Labor Rate Variance for $10,000 f. credit Labor Rate Variance for $35,000 g. credit Labor Efficiency Variance for $10,000
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Cost Management