Annapolis Company completes job #601 which has a standard of 640 labor hours at a standard rate of $19.70 per hour. The job was completed in 600 hours and the average actual labor rate was $19.70 per hour. What is the labor efficiency (quantity) variance?
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- At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
- Assume the following: • The variable portion of the predetermined overhead rate is $1.50 per direct labor-hour. • The standard labor-hours allowed per unit of finished goods is 3 hours. • The variable overhead efficiency variance is $1,500 F. • The company produced 15,000 units of finished goods during the period. What is the actual quantity of direct labor-hours worked during the period? Multiple Choice о о O O 44,000 hours 44,500 hours 43,500 hours 43,000 hoursUsing the pre-determined overhead rate calculated above, calculate the overhead that would be allocated to a product that uses 3.5 hours of machine time. What will happen if actual overhead costs turn out to be higher or lower than this calculation? predetermined overhead rate calculated above: $25/ hour of machine run timeColeridge Company estimates that its production workers will work 143,000 direct labor hours during the upcoming period and that overhead costs will amount to $1,287,000. Assume overhead to be allocated on the basis of direct labor hours. What predetermined overhead rate would be used to apply overhead to production during the period? Multiple Choice $9.00 per direct labor hour $0.97 per direct labor hour $0.97 per unit $9.00 per unit
- The standard number of hours that should have been worked for the output attained is 6,000 direct labor hours and the actual number of direct labor hours worked was 6,300. If the direct labor price variance was $3,150 unfavorable, and the standard rate of pay was $9 per direct labor hour, what was the actual rate of pay for direct labor? Select one: a. $7.50 per direct labor hour b. $8.50 per direct labor hour c. $9.50 per direct labor hour d. $9.00 per direct labor hour e. $9.80 per direct labor hourFor a simple regression analysis model that is used to allocate factory overhead, an internal auditor finds that the intersection of the line of best fit for the overhead allocation with the y-axis is $14,000. The slope of the line is 0.2. The independent variable, factory wages, amounts to $810,000 for the month. What is the estimated amount of factory overhead to be allocated for the month? Multiple Choice $289,400. $162.000. $68,000. $88,000.Mackey Company's plantwide predetermined overhead rate is $25.00 per DLH and its direct labor wage is $21.00 per hour. For Job N, Direct materials is $1,000 and Direct labor is $420. a. What is the total manufacturing cost assigned to Job N? b. If Job N consists of 60 units, what is the unit product cost for this job?
- Larson Manufacturing uses a standard cost system. The direct labor cost standard is $11.00 direct labor hour. The direct labor efficiency standard is 0.5 direct labor hour per unit. Actual direct labor for the month is 1,200 hours for a total cost of $18,000.00. Production for the month was 3,100 units. The journal entry to record direct labor incurred but not paid would be: O A. Work-in - Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable O B. Work-in - Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable O C. Work-in - Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable O D. Work-in - Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable 18,000 3,850 3,850 18,000 17,050 4,800 3,850 17,050 4.800 4.800 17,050 17,050 4.800 25,700 3,850 18,000 -CThe standard number of hours that should have been worked for the output attained is 6,000 direct labor hours and the actual number of direct labor hours worked was 6,300. If the direct labor price variance was $3,145 unfavorable, and the standard rate of pay was $9 per direct labor hour, what was the actual rate of pay for direct labor? Do not round intermediate calculations and round your answer to 2 decimal places.Labor data for making one pound of finished product in Khalil Co. are as follows: (1) Price-hourly wage rate $11.00, payroll taxes $1.95, and fringe benefits $1.25. (2) Quantity-actual production time 1.25 hours, rest periods and clean up 0.25 hours, and setup and downtime 0.15 hours. Instructions Compute the following. (a) Standard direct labor rate per hour. (b) Standard direct labor hours per pound. (c) Standard cost per pound.