A manufactured product has the following information for June.Standard Quantity and Coat7 pounds3 DLH58 per pound3 DLHDirect materialsDirect laborOverheadUnita manufacturedAH Actual HoursSH Standard HoursAR Actual Rate.SR Standard Rate$16 per DLH$11 per DLActual CostActual Resulta50,900 pounds21,200 hours$ 243,0007,200 unitaCompute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selectingfavorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places.)$8.20 per pound$16.60 per hourStandard Cost

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 Coat7 pounds3 DLH58 per pound3 DLHDirect materialsDirect laborOverheadUnita manufacturedAH Actual HoursSH Standard HoursAR Actual Rate.SR Standard Rate$16 per DLH$11

Direct Labour Rate Variance :— It is the difference between standard cost for actual output (SH×SR)…

Business

Accounting

A manufactured product has the following information for June. Standard Quantity and Cost 7 pounds 58 per pound Direct materials Direct labor Overhead Unita manufactured AH Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate 3 DLR 3 DLH Actual Cost $16 per DLH $11 per DL Actual Resulta 50,900 pounds 21,200 hours $ 243,000 7,200 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.) 18.20 per pound $16.60 per hour Standard Cost

A manufactured product has the following information for June. Standard Quantity and Cost 7 pounds 58 per pound Direct materials Direct labor Overhead Unita manufactured AH Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate 3 DLR 3 DLH Actual Cost $16 per DLH $11 per DL Actual Resulta 50,900 pounds 21,200 hours $ 243,000 7,200 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.) 18.20 per pound $16.60 per hour Standard Cost

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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Can you show me how this is done? Bailey’s standard labor cost of producing one unit of Product DD is 1.7 hours at a rate of $12.9 per hour. During August, 1,462 hours were incurred at a cost of $11.8 per hour to produce 1,257 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: 8.24 Correct Answer: 1,608 ± 1 (F)
The following data relate to direct labor costs for the current period: Standard costs 7,300 hours at $11.80 Actual costs 6,400 hours at $10.00 The direct labor time variance is Oa. $10,620 unfavorable Ob. $9,000 favorable C. $9,000 unfavorable Od. $10,620 favorable
Not Graded... Material, Labor, and Variable Overhead VariancesThe following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (2 lb. @ $17.00/lb.) $34 Actual (4,200 lb. @ $17.80/lb.) $74,760 Direct labor Standard (0.5 hr. @ $32/hr.) $16 Actual (950 hrs. @ $31/hr.) 29,450 Variable overhead Standard (0.5 hr. @ $14/hr.) $7 Actual - 14,450 Total $57 $118,660 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer Materials price Answer Answer…
Multiple Choice $4,850 favorable. $11,000 favorable. $6,150 favorable. $4,850 unfavorable. $11,000 unfavorable.
The following labour standards have been established for a particular product: Standard labour hours per unit of 8.3 output SINOy Standard labour rate $12.10 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 6,100 hours Actual total labour cost $71,370 Actual output 900 units What is the labour rate variance for the month? Select one: search ■ 童 0 2) acer BAR DO
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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 AH = Actual Hours SH Standard Hours AR = Actual Rate SR = Standard Rate Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH 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.) Actual Cost Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units Standard Cost
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The following data relate to direct labor costs for the current period: Standard costs 6,900 hours at $11.30 Actual costs 6,400 hours at $10.00 The direct labor rate variance is
The following actual and standard cost data for direct material and direct labor relate to the production of 4,000 units of product: Actual Costs Standard Costs 4,900 lb. @ $5.85 5,000 lb. @ $5.90 2,000 hrs. @ $20.00 Direct Material Direct Labor 1,900 hrs. @ $20.50 Determine the labor efficiency variance. Select one: a. $2,000 F b. $2,000 U c. $2,050 F d. $2,050 U e. None of the above
The records of Heritage Home Supplies show the following for July: Standard direct labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor cost Direct labor efficiency variance Actual variable overhead Required: Compute the direct labor and variable overhead price and efficiency variances. $ 34 3,600 13,925 $ 510,200 $ 17,670 F $ 473,450 Note: Do not round Intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance Efficiency variance Variable overhead: Price variance Efficiency variance