Amos, Inc. uses a standard cost system with the following labor standards for one unit of product: standard hours 0.2 and standard wage rate $10. During January, Amos incurred 3,415hours of direct labor and paid $33,606 in wages in production of 16,600 units.Calculate the direct labor rate and efficiency variances and indicate whether the variances are favorable or unfavorable.Direct labor rate varianceDirect labor efficiency variance $Click if you would like to Show Work for this question: Open Show.Work

Labor Rate Variance : Labor rate variance is difference between the actual and expected cost of…

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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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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…
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A manufactured product has the following Information for June. Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH @ $16 per DLH 2 DLH@ $12 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH - Standard Hours = AR = Actual Rate SR = Standard Rate Actual Results 58,600 pounds @ $7.20 per pound 16,300 hours @ $16.50 per hour $ 205,500 8,300 units Actual Cost Standard Cost
Bonnie Company applies overhead based on machine hours. The variable overhead standard is 24 hours at $19.00 per hour. During March, Bonnie spent $314,150 for variable overhead, and 13,280 machine hours were used to produce 60 units. What is the variable overhead rate variance? Note: Do not round intermediate calculation. Multiple Choice O $15.600 unfavorable $61,830 unfavorable $12.800 unfavorable $61.830 favorable
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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
Print Item Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 90 Actual quantity purchased and used in production 110 Standard quantity for units produced Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 230 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 2$ B. What are some possible causes for this combination of favorable and unfavorable variances?

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