A job was budgeted to require 3 hours of labor per unit at $11.00 per hour. The job consisted of 8,000 units and was completed in 22,000 hours at a totallabor cost of $269,500. What is the direct labor rate variance?Multiple Choice$16,000 favorable.$27,500 unfavorable.○ $22,000 favorable.$6,000 unfavorable.$16,000 unfavorable.

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Answered: A job was budgeted to require 3 hours…

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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Flapjack Corporation had 7,704 actual direct labor hours at an actual rate of $12.30 per hour. Original production had been budgeted for 1,100 units, but only 957 units were actually produced. Labor standards were 7.8 hours per completed unit at a standard rate of $13.05 per hour. The direct labor rate variance is Oa. $5,778.00 unfavorable b. $5,778.00 favorable c. $3,523.81 unfavorable Od. $3,523.81 favorable
Given the following information in standard costing: Standard 18,200 hours at $6.20 Actual 18,000 hours at $6.00 What is the direct labor rate variance?
Millan Company provided you with the following data: Budgeted Fixed FOH costs $207,000; Actual FOH incurred $555,000; Variable FOH rate per direct labor hour $5; Fixed FOH rate per direct labor hour $3; Standard direct labor hours 68,000; Actual direct labor hours used 70,000. What is the total amount of idle capacity variance? $2,000 Unfavorable $2,000 Favorable$3,000 Unfavorable $8,000 Unfavorable None of the above
A firm uses machine hours to allocate fixed overhead. During the period, budgeted fixed overhead is Rs. 30000. The budgeted machine hours is 100 hours for budgeted volume of 1000 units. The firm produced 1200 units consuming 150 hours and spent Rs. 28000 towards fixed overhead. The fixed overhead spending variance is Rs. 17000 favorable Rs. 17000 adverse Rs. 2000 favorable Rs. 8000 favorable
Delmar Incorporated uses a standard cost system. Labor standards are 2.00 hours per widget at $13.40 per hour. During August, Delmar Incorporated paid its workers $227,070 for 16,820 hours. Delmar Incorporated produced 8,610 widgets during August Required: a. Calculate the direct labor rate variance. Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). b. Calculate the direct labor efficiency variance. Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). c. Calculate the direct labor spending variance. Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). a. Rate Variance b.Efficiency Variance c. Spending Variance
A firm uses machine hours to allocate overhead cost. During the period, budgeted variable overhead is Rs. 10000 and budgeted machine hours is 100 hours for budgeted volume of 1000 units. The firm produced 1200 units consuming 150 hours and spent Rs. 15000 towards variable overhead. The total variable overhead cost variance is Rs. 3000 favorable Rs. 5000 favorable Rs. 5000 adverse Rs. 3000 adverse
Green Garden Supply budgeted three hours of direct labour per unit at $20.00 per hour to produce 500 units of product. The 500 units were completed using 1,600 hours of direct labour at $20.50 per hour. What is the direct labour price variance at Green Garden Supply? A. $800 favourable B. $750 unfavourable OC. $800 unfavourable D. $750 favourable
Overhead costs are applied using direct labour hours. The following were budgeted for the year: Planned production (units) 50,000 Direct labour hours 200,000 Variable overhead 1,000,000 Fixed overhead 600,000 The following were the actual results: Actual production (units) 48,000 Direct labour hours 195,000 Variable overhead 950,000 Fixed overhead 610,000 Calculate the variable overhead efficiency variance. Select one: a. $15,000 U b. $25,000 U c. $25,000 F d. $15,000 F
Please help me with all answers thanku
Vala
Landreth Fencing considers 3,000 direct labor hours or 50 fences to be its normal monthly capacity. Its standard variable overhead rate is $12 per direct labor hour. During the current month, $29,800 of variable overhead costs were incurred in working 2,950 direct labor hours to complete 45 fences. What is the total variable overhead flexible budget variance? Select one: O a. $2,600 F O b. $6,800 F O c. $5,000 U d. $8,600 U e. None of the above O O
The following information is available for a manufacturer. Compute the direct labor rate and efficiency variances and label them as favorable (F) or unfavorable (U). Actual direct labor cost (6,250 hours @ $13.10 per hour) $81,875 Standard direct labor hours per unit . 2.0 hours Standard direct labor rate per hour $13.00 Actual production (units) . 2,500 units Budgeted production (units) . 3,000 units

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