A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $9 per pound 2 DLH @ $16 per DLH 2 DLH @ $12 per DLH Direct materials Direct labor Overhead Units manufactured Actual Results 45,500 pounds @ $9.20 per pound 14,700 hours @ $16.40 per hour $ 185,500 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH Actual Hours SH= Standard Hours AR Actual Rate SR = Standard Rate

A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $9 per pound 2 DLH @ $16 per DLH 2 DLH @ $12 per DLH Direct materials Direct labor Overhead Units manufactured Actual Results 45,500 pounds @ $9.20 per pound 14,700 hours @ $16.40 per hour $ 185,500 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH Actual Hours SH= Standard Hours AR Actual Rate SR = Standard Rate

Name: A manufactured product has the following information for June.Standar
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Description: A manufactured product has the following information for June.Standard Quantity and Cost6 pounds @ $9 per pound2 DLH @ $16 per DLH2 DLH @ $12 per DLHDirect materialsDirect laborOverheadUnits manufacturedCompute the (1) direct labor rate variance and

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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A manufactured product has the following information for June. Standard Actual Direct materials 7 lbs. @ $9 per lb. 55,000 lbs. @ $9.10 per lb. Direct labor 2 hrs. @ $15 per hr. 15,200 hrs. @ $15.50 per hr. Overhead 2 hrs. @ $12 per hr. $ 192,300 Units manufactured 7,800 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers
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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $13 per DLH (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Actual Results 43,700 pounds @ $8.20 per pound 21,400 hours @ $16.60 per hour $ 287,500 7,200 units
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Bailey’s standard labor cost of producing one unit of Product DD is 1.8 hours at a rate of $12.4 per hour. During August, 1,436 hours were incurred at a cost of $11.1 per hour to produce 1,134 units of Product DD. Bailey’s direct labor rate variance is $__________ Indicate the amount and whether it is Favorable or Unfavorable by placing F or U by amount, do not skip a space and do not use $ in your answer. For example, if your answer is $1,000 favorable, answer 1000F Selected Answer: 9,371.28F Correct Answer: 1,867 ± 1 (F)
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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost
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