Budget Standard per unit Actual production 50 units 30 units Direc material usage 4 Ibs. @ $ 0.5 per Ib 140 Ibs @ $ 1 per Ib. Direct labour usage 2hrs. @ $ 1 per hour 72 hrs @ $ 0.75 per hr. Compute a) Material price variance b)Material quantity variance c)Total material variance d)Labor rate variance e) Labor efficiency variance f) Total pabor variance

Budget Standard per unit Actual production 50 units 30 units Direc material usage 4 Ibs. @ $ 0.5 per Ib 140 Ibs @ $ 1 per Ib. Direct labour usage 2hrs. @ $ 1 per hour 72 hrs @ $ 0.75 per hr. Compute a) Material price variance b)Material quantity variance c)Total material variance d)Labor rate variance e) Labor efficiency variance f) Total pabor variance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The materials quantity variance for March is: Multiple Choice $3,400 F $20,800 F $20,800 U $3,400 U
Current Attempt in Progress Blossom Company's standard labor cost of producing one unit of Product DD is 3.40 hours at the rate of $10.50 per hour. During August, 42,900 hours of labor are incurred at a cost of $10.70 per hour to produce 12,400 units of Product DD. (a) Compute the total labor variance. Total labor variance $ (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance $ (c) $ Labor price variance 16350 Compute the labor price and quantity variances, assuming the standard is 3.6 hours of direct labor at $10.85 per hour. $ Labor quantity variance $ Unfavorable
Variable overhead spending variances
Direct Labor Variances The following data relate to labor cost for production of 4,100 cellular telephones: Actual: 2,750 hrs. at $13.00 Standard: 2,710 hrs. at $13.30 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance $ Time variance $ Total direct labor cost variance b. The employees may have been less-experienced workers who were paid less than more-experienced workers or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard.
6.00 per direct-labor hour 2 hours per unit of output 2$ Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $100,000 25,000 units Actual results for April are as follows: Actual output Actual variable overhead Actual fixed overhead Actual direct labor 20,000 unitS $320,000 $ 95,000 48,000 hours Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) 1. Variable-overhead spending variance 2. Variable-overhead efficiency variance 3. Fixed-overhead budget variance 4. Fixed-overhead volume variance MacBook Pro 23 2$ 4 & * 3 5 7 E R Y P F H K C V M ト

Actual quantity of direct materials purchased Standard price of direct materials Material price variance Material quantity variance The actual price per pound of direct materials purchased in June was: Multiple Choice O O O $4.10 per pound $4.15 per pound $3.85 per pound 25,000 pounds $ 4.00 per pound $ 2,500 Unfavorable $1,000 Favorable
Question 4.
Peking Palace reported the following: Standard hours per unit 1.5 hrs. Standard rate per hour $18.00 Actual hours used 13,660 Actual rate per hour $17.50 Number of units produced 5,000 Determine the direct labor time variance. a.$107,800 unfavorable b.$107,800 favorable c.$110,880 unfavorable d.$110,880 favorable
4.2.1 Calculate the material quantity variance. 4.2.2 Calculate the variable manufacturing overhead efficiency variance. 4.2.3 Fixed manufacturing overhead volume variance.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

Cookie Policy

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

	Budget	Standard per unit	Actual
production	50 units		30 units
Direc material usage		4 Ibs. @ $ 0.5 per Ib	140 Ibs @ $ 1 per Ib.
Direct labour usage		2hrs. @ $ 1 per hour	72 hrs @ $ 0.75 per hr.