Expert of general account answer this questions A fixture company manufactures products brass products in a smallmanufacturing facility that has 40 employees. Each employee provides36 hours of labor per week. Determine the direct labor rate varianceusing the information given in the table.Standard wage per hourStandard labor time per unitStandard number of lbs. of brass$ 14.420 minutes1.3 lbs.Standard price per lb. of brassActual price per lb. of brassActual lbs. of brass used during the weelNumber of units produced during the weekActual wage per hourActual hours for the week$ 10.75$ 1112,051 lbs.9,000$ 14.831,440 hours

Step 1: Understanding Direct Labor Rate VarianceThe Direct Labor Rate Variance measures the…

Answered: A fixture company manufactures products…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 1EB: Green Bay Cheese Company estimates its overhead to be $375,000. It expects to have 125,000 direct...

See similar textbooks

Similar questions

Steeler Towel Company estimates its overhead to be $250,000. It expects to have 100,000 direct labor hours costing $2,500,000 in labor and utilizing 12,500 machine hours. Calculate the predetermined overhead rate using: A. Direct labor hours B. Direct labor dollars C. Machine hours
Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $15.00 Standard labor time per faucet 40 min. Standard number of Ib. of brass 3 lb. Standard price per Ib. of brass $2.40 Actual price per Ib. of brass $2.50 Actual Ib. of brass used during the week 14,350 Ib. Number of faucets produced during the week 4,800 Actual wage per hr. $14.40 Actual hrs. for the week 3,240 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to two decimal…
Steelwater Corporation produces steel water tanks. Each water tank has a standard labor requirement of 2 hours. The standard direct labor costs assigned to each tank is $30. During the most recent month, 500 water tanks were produced using 1,100 labor hours at the wage rate of $13 per hour. Which of the following should appear in journal entries to record the use of direct labor in production during the period? O Debit to Direct Labor Efficiency Variance for 3,000 O Credit to Wages Payable (or Cash) for 16,500 O Debit to Work-in-Process for 15,000 O Credit to Direct Labor Rate Variance for 18,700
Abbeville Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: SHOW WORK! Standard wage per hr. $15.00 Standard labor time per faucet 35 min. Standard number of Ibs. of brass per faucet Standard price per lb. of brass $2.40 Actual price per lb. of brass 2.5 lbs. $2.30 Actual Ibs. of brass used during the week Number of faucets produced during the week 4,780 Actual wage per hr. $15.50 11,800 Ibs. Actual hours for the week (70 employees x 36 hours) 2,520 A. What is the standard cost per unit for direct materials? B. What is the standard cost per unit for direct labor? C. What is the Direct Materials Price Variance? one) Favorable or unfavorable (Circle D. What is the Direct Materials Quantity Variance? one) Favorable or unfavorable (Circle E. What is the Direct Labor Rate Variance? Favorable or…
Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $15.00 Standard labor time per faucet 40 min. Standard number of lb. of brass 3 lb. Standard price per lb. of brass $2.40 Actual price per lb. of brass $2.50 Actual lb. of brass used during the week 14,350 lb. Number of faucets produced during the week 4,800 Actual wage per hr. $14.40 Actual hrs. for the week 3,240 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit fill in the blank 2 Total standard cost per unit $fill in the blank 3 b. Determine the direct materials price variance, direct materials…
Use the information below on Direct Labor costs to answer question#33. GIVEN: Management at the Best Ceramic Vase Company wishes to analyze its Direct Labor costs. During September, company management noted that it used 3,400 hours of Direct Labor at a cost of $76,500 to produce 2,300 vases. The company set the following Direct Labor standard. 1.5 hours of Direct Labor per unit at an hourly wage rate of $22.00 33) Determine the actual wage rate (using the Given information above). A) $15.00 B) $22.00 C) $22.18 D) $22.50
Cavy Company estimates that total factory overhead costs will be $653,310 for the year. Direct labor hours are estimated to be 109,800. a. Determine the: 1. Predetermined factory overhead rate. Round your answer to the nearest cent. per labor hour 2. Amount of factory overhead applied to Job 456 if the amount of direct labor hours is 1,400 and Job 888 if the amount of direct labor hours is 2,900. Job 456 Job 888 b. Journalize the entry to apply factory overhead for April, assuming Jobs 456 and 888 are the only jobs in production during the month. If an amount box does not require an entry, leave it blank. Previous 9:07 PM 耳||門 a 35 F 》回0 2. 11/29/2021 %24
Lenni Clothing Co. manufacturers clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: standard wage per hr. $12.00 standard labor time per unit 12 min standard number of yds. of fabric per unit. 5.0 yds standard price per yd. of fabric $5.00 actual price per yd. of fabric $5.10 actual yds. of fabric used during the week 26,200 number of units produced during the week 5,220 Actual wage per hr. $11.80 actual hrs. for the week 1,000 hrs. Determine (a) the standard cost per unit for direct materials and direct labor; (b) the price variance, quantity variance, and total direct materials cost variance; and (c) the rate variance, time variance, and total direct labor cost variance?
Cavy Company estimates that total factory overhead costs will be $572,128 for the year. Direct labor hours are estimated to be 94,100. a. Determine the: 1. Predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank acece905b02a058_1 per labor hour 2. Amount of factory overhead applied to Job 345 if the amount of direct labor hours is 1,200 and Job 777 if the amount of direct labor hours is 3,300. Job 345 $fill in the blank acece905b02a058_2 Job 777 $fill in the blank acece905b02a058_3 b. Journalize the entry to apply factory overhead for April, assuming Jobs 345 and 777 are the only jobs in production during the month. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select -
Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Standard wage per hr. $12.00 Standard labor time per unit 12 min. Standard number of yds. of fabric per unit 5.0 yds. Standard price per yd. of fabric $5.00 Actual price per yd. of fabric $5.10 Actual yds. of fabric used during the week 26,200 yds. Number of units produced during the week 5,220 Actual wage per hr. $11.80 Actual hrs. for the week 1,000 hrs.
Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12.60 Standard labor time per unit 20 min. Standard number of lbs. of brass 1.2 lbs. Standard price per lb. of brass $12.25 Actual price per lb. of brass $12.50 Actual lbs. of brass used during the week 7,787 lbs. Number of units produced during the week 6,300 Actual wage per hour $12.98 Actual hours for the week (40 employees × 35 hours) 1,400 Required: b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance $fill in the…
Re-Cycle Company manufactures commuter bicycles from recycled materials. The following data for July of the current year are available: Quantity of direct labor used 4,140 hrs. Actual rate for direct labor $18.30 per hr. Bicycles completed in July 800 bicycles Standard direct labor per bicycle 5.8 hrs. Standard rate for direct labor $17.80 per hr. 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. Direct labor rate variance $fill in the blank 1 Direct labor time variance fill in the blank 3 Total direct labor cost variance $fill in the blank 5 b. How much direct labor should be debited to Work in Process? $fill in the blank 7

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS