A popular product of Loring Glassworks is a hand-decorated vase. The company's standard cost system calls for 1.25 hours of direct labor per vase, at a standard wage rate of $14. During Septem- ber, Loring produced 5,000 vases at an actual direct labor cost of $82,500 for 7,500 direct labor hours. What is the actual wage rate per hour? Compute the labor rate and efficiency variances for the month. Was paying workers the actual wage rather than the standard wage an effective strategy for Loring?

A popular product of Loring Glassworks is a hand-decorated vase. The company's standard cost system calls for 1.25 hours of direct labor per vase, at a standard wage rate of $14. During Septem- ber, Loring produced 5,000 vases at an actual direct labor cost of $82,500 for 7,500 direct labor hours. What is the actual wage rate per hour? Compute the labor rate and efficiency variances for the month. Was paying workers the actual wage rather than the standard wage an effective strategy for Loring?

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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