Acme Inc. has the following information available:$ 1.00$ 1.20Actual price paid for materialStandard price for materialActual quantity purchased and used in productionStandard quantity for units producedActual labor rate per hourStandard labor rate per hour100110$ 15.00$ 16.00Actual hours200Standard hours for units produced220Calculate the Labor Rate Variance and indicate if the variance is favorable or unfavorable

Name: Acme Inc. has the following information available:$ 1.00$ 1.20Actual
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Description: Acme Inc. has the following information available:$ 1.00$ 1.20Actual price paid for materialStandard price for materialActual quantity purchased and used in productionStandard quantity for units producedActual labor rate per hourStandard labor rate

Variance refers to a change between the expected value and the actual result. This term is usually…

Business

Accounting

Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production 100 Standard quantity for units produced 110 Actual labor rate per hour Standard labor rate per hour $ 15.00 $ 16.00 Actual hours 200 Standard hours for units produced 220 Calculate the Labor Rate Variance and indicate if the variance is favorable or unfavorable

Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production 100 Standard quantity for units produced 110 Actual labor rate per hour Standard labor rate per hour $ 15.00 $ 16.00 Actual hours 200 Standard hours for units produced 220 Calculate the Labor Rate Variance and indicate if the variance is favorable or unfavorable

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 company reports the following for one of its products. Direct materials standard (4 pounds @ $2 per pound) $ 8 per unit Actual direct materials used (AQ) 320,000 pounds Actual units produced 63,000 units Actual cost of direct materials used $ 576,000 AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard PriceCompute the direct materials price and quantity variances and identify each as favorable or unfavorable.
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
A company's standard is 2 hours of direct labor per unit at a rate of $45 per hour. The company shows the following for the year. Actual units produced Actual direct labor used 5,120 units 10,040 hours Actual cost of direct labor used AH = Actual Hours SH=Standard Hours AR= Actual Rate SR Standard Rate Complete this question by entering your answers in the tabs below. Required A Required B Compute the direct labor rate variance, direct labor efficiency variance, and the total direct labor variance. For each variance, indicate whether it is favorable or unfavorable. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost $ $ 471,880 0 $ 0 0 Standard Cost
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You Did It! (YDI) has the following standards for direct labor: o Estimated quantity 8,900 direct labor hours o Estimated unit variable $48 per hour o Estimated fixed costs $18,000 YDI actually used 8,300 direct labor hours during production at an average hourly wage rate of $49.20, and actually incurred total fixed costs of $17,600. Using this information, answer the following questions. Please circle to identify the variance as favorable or unfavorable. What is the direct labor volume variance? Favorable or unfavorable?
The following actual and standard cost data for direct material and direct labor relate to the production of 4,00 Actual Costs Standard Costs Direct Material 7,700 lb. $2.65 8,000 lb. @ $2.50 Direct Labor 3,470 hrs. @ $19.90 3,500 hrs. @ $20.00 Determine the materials price variance. Select one: a. $1,200 F b. $1,200 U c. $1,155 U d. $1,155 F e. None of the above
Manufacturing overhead data for the production of Product H by Shakira Company, assuming the company uses a standard cost system, are as follows. Overhead incurred for 46,000 actual direct labor hours worked $373,200 Overhead rate (variable $7; fixed $1) at normal capacity of 50,700 direct labor hours $8 Standard hours allowed for work done 46,750 Compute the total overhead variance. Total overhead variance $enter the total overhead variance in dollars select an option Neither favorable nor unfavorableFavorableUnfavorable
actual price paid for material $1.00 standard price for material $1.20 actual quality purchased and used in production 100 standard quality for units produced 110 actual labor rate per hour $15.00 standard labor rate per hour $16.00 actual hours 200 standard hours for unit produced 220 Required: Compute the material price and quantity, and the labor rate and efficiency variances. Describe the possible causes for this combination of favorable and unfavorable variances.
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Mosaic Company applies overhead using machine hours and reports the following information. Compute the total variable overhead cost variance and classify it as favorable or unfavorable. Actual machine hours used . 4,700 hours Standard machine hours (for actual production) 5,000 hours Actual variable overhead rate per hour $4.15 Standard variable overhead rate per hour . $4.00
Compute all material and labor variances correctly Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. $7.00 Direct materials-1 pound plastic at $7.00 per pound Direct labor-1.0 hours at $11.65 per hour 11.65 7.00 7.00 $32.65 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($14.00 1.0). It was computed from a master manufacturing overhead budget based on normal production of 5,300 direct labor hours (5,300 units) for the month. The master budget showed total variable costs of $37,100 ($7.00 per hour) and total fixed overhead costs of $37,100 ($7.00 per hour). Actual costs for October in producing 4.600 units were as follows. Direct materials (4.770 pounds) Direct labor (4,440 hours) Variable overhead Fixed overhead Total manufacturing costs $33.867 52.614 48.942 17,258 $152.681 The purchasing department buys the…