Chesapeake Company completes job #742 which has a standard of 450 labor hours at a standard rate of $22.50 per hour. The job was completed in 475 hours and the average actual labor rate was $22.30 per hour. What is the labor rate variance?

Chesapeake Company completes job #742 which has a standard of 450 labor hours at a standard rate of $22.50 per hour. The job was completed in 475 hours and the average actual labor rate was $22.30 per hour. What is the labor rate variance?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 23Q: If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of...

See similar textbooks

Related questions

Q: general accounting answer

A: Step 1: Definitions of Return on equityReturn on equity is the financial ratio that compares the…

Q: can you please solve this

A: Step 1:First, calculate the total equity: Total equity = Contributed capital + Retained earnings…

Q: What is the total cost of inspection on these general accounting question?

A: Step 1: Definition of Total Inspection Cost CalculationThe total cost of Inspection is determined…

Q: 4 POINTS

A: Explanation of Days Sales Outstanding (DSO): Days Sales Outstanding is a key financial metric that…

Q: General Accounting problem

A: Concept of Selling Price per UnitThe selling price per unit refers to the amount a company charges…

Q: If selling price per unit is $47, variable costs per unit are $26, total fixed costs are $24,000,…

A: Concept of Total Revenue:Total revenue refers to the total money earned by a company from selling…

Q: Abc

A: Step 1: Definition of Break-Even Sales and Target SalesBreak-even sales represent the number of…

Q: Hima company has a debt-equity ratio of

A: (a) Equity Multiplier (EM)The equity multiplier is given by:Equity Multiplier=1+Debt/EquitySince the…

Q: Net income?

A: Explanation of Sales Revenue:Sales revenue is the total amount a business earns from selling goods…

Q: Correct ans please for this general account questions

A: Step 1: Definition of Gross Profit RatioThe gross profit ratio (also called gross margin percentage)…

Q: MCQ

A: Explanation of Variable Costing: Variable costing is a method of product costing that only includes…

Q: 4 PTS

A: Explanation of Variable Costs: Variable costs are expenses that change in proportion to the level of…

Q: What was the net income?

A: Step 1: Definition of Net IncomeNet income is the total profit of a company after accounting for all…

Q: Can you please solve this

A: The question requires the determination of the preferred stockholder's dividend and common…

Q: Need help with this question solution general accounting

A: 1. Calculate the change in fixed assets:Fixed assets at year-end: $875,000Fixed assets at last…

Q: Financial Accounting Question please answer

A: Step 1: Define Goodwill in Business AcquisitionGoodwill is an intangible asset that represents the…

Q: need help this questions

A: Step 1: Definition of Net IncomeNet income refers to the total revenue earned by a company after…

Q: Provide answer general accounting question

A: Step 1: Definition of Capital GainA capital gain occurs when a capital asset, such as stocks, land,…

Q: Please give answer

A: Explanation of Accounting Equation:The accounting equation is the fundamental rule in accounting…

Q: Answer this MCQ

A: Under absorption costing, both variable and fixed manufacturing costs are included in the product…

Q: If you want to make a 15% profit from 250 shillings, what price do you place on your goods? Answer

A: Approach to solving the question:Freeform Detailed explanation: To determine the selling price when…

Q: Anderson Company's break-even point in units is 2,150. The sales price per unit is $10 and the…

A: Explanation of Break-even Point: The break-even point represents the level of sales at which total…

Q: Provide answer

A: Given that the markup is based on the selling price, we use the formula:…

Q: correct answer best answer

A: The question requires the determination of the increase in sales. The increase in sales refers to…

Q: What are the direct materials price variance

A: Concept of Standard PriceThe standard price refers to the predetermined or budgeted cost of direct…

Q: Financial Accounting

A: To determine the gain or loss on the exchange, we need to calculate the difference between the fair…

Q: hi expert please help me general accounting

A: Step 1: Definition of Sales UncollectedSales uncollected measures how long a company takes to…

Q: The stockholders's equity at the end of the year was

A: Concept of Stockholders' EquityStockholders' equity represents the ownership interest of…

Q: Financial Accounting Question need help

A: Step 1: Define Cash for Reporting PurposesCash for Reporting Purposes refers to the amount of cash…

Q: abc general accountions

A: Step 1: Definition of Fixed CostFixed costs are business expenses that remain constant in total…

Q: What is the direct labor rate variance

A: Concept of Direct Labor Rate VarianceDirect Labor Rate Variance measures the difference between the…

Q: Please give me true answer this financial accounting question

A: Step 1: Define Net IncomeNet income is the company's total profit after deducting all expenses,…

Q: What is the flexible budget net income?

A: Step 1: Calculation of contribution margin per unitContribution margin per unit = Selling price per…

Q: Simons gross profit is?

A: Step 1: Recall the gross profit formula.= sales revenue - cost of goods sold Step 2: Calculate the…

Q: Can you help me with accounting questions

A: Step 1: Definition of Stockholders' EquityStockholders' equity represents the residual interest in a…

Q: What was regal enterprises average collection period?

A: Explanation of Average Collection Period: This is a financial metric that measures the average…

Q: None

A: a) Rate Earned on Stockholders' Equity:This ratio measures the profitability of the company from the…

Q: how much is net working capital?

A: To solve these questions, we'll use the basic accounting equation and the formula for Net Working…

Q: Please provide answer this financial accounting question

A: Step 1: Define Expected Return on Common Stock After RefinancingWhen a company introduces debt into…

Q: The following data were taken from the records of Splish Brothers Company for the fiscal year ended…

A: To complete the Partial Income Statement for Splish Brothers Company for the fiscal year ending June…

Q: General accounting

A: Step 1: Define Price earning RatioThe price earning ratio is a financial ratio that compares the…

Q: Can you please provide solution this general accounting question?

A: Step 1: Define Materials Price VarianceThe Materials Price Variance (MPV) measures the difference…

Q: Determine the depreciation

A: Step 1: Calculation of Depreciation per hourPurchase cost = $195,600Residual value = $9,500Useful…

Q: What was sales revenue for the year?

A: Explanation of Assets: Assets are economic resources owned by a company that have value and can…

Q: 5 PTS

A: Explanation of Book Value: Book value represents the original cost of an asset minus accumulated…

Q: Please give me correct answer this financial accounting question

A: Step 1: Define Price per UnitPrice per Unit refers to the cost assigned to a single unit of a…

Q: what will be its return on equity?

A: To calculate the Return on Equity (ROE):Formula:ROE = Net Income ÷ EquityWe'll first calculate Net…

Q: How much net operating income will be reported for the period?

A: Calculation of Total Operating ExpensesTotal Operating Expenses = Selling Expenses + Administrative…

Q: Variable manufacturing overhead:3, variable selling and administrative:3

A: Absorption costing assigns all manufacturing costs (fixed and variable) to the cost of the product.…

Q: How many meals would have to be sold if fix costs declined by 20% ? Accounting

A: Step 1: Definition of Contribution Margin and Required Sales CalculationContribution Margin is the…

Question

100%

I need answer of this accounting questions solution

Chesapeake Company completes job #742 which has a standard of
450 labor hours at a standard rate of $22.50 per hour. The job was
completed in 475 hours and the average actual labor rate was
$22.30 per hour. What is the labor rate variance?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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?
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?
Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid $32 per hour for labor, for a total of $718,848. The standard hours per unit are 6.4, and the standard labor wage rate is $38.40 per hour. A. What are the actual hours worked? B. What are the standard hours for the units made? C. What is the direct labor rate variance for April? D. What Is the direct labor time variance for April? E. What is the total direct labor variance for April?
Compute the total job cost for each of the following scenarios: a. If the direct labor cost method is used in applying factory overhead and the predetermined rate is 100%, what amount should be charged to Job 2010 for factory overhead? Assume that direct materials used totaled 5,000 and that the direct labor cost totaled 3,200. b. If the direct labor hour method is used in applying factory overhead and the predetermined rate is 10 an hour, what amount should be charged to Job 2010 for factory overhead? Assume that the direct materials used totaled 5,000, the direct labor cost totaled 3,200, and the number of direct labor hours totaled 250. c. If the machine hour method is used in applying factory overhead and the predetermined rate is 12.50 an hour, what amount should be charged to Job 2010 for factory overhead? Assume that the direct materials used totaled 5,000, the direct labor cost totaled 3,200, the direct labor hours were 250 hours, and the machine hours were 295 hours.
ans
Answer? ? General Accounting
Annapolis Company completes job #601 which has a standard of 500 labor hours at a standard rate of $19.00 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?
General Accounting
Kindly help me with accounting questions
Cavy Company estimates that total factory overhead costs will be $1,011,028 for the year. Direct labor hours are estimated to be 100,700. a. Determine the predetermined factory overhead rate. Round your answer to the nearest cent.$fill in the blank 8b99eb02a009f9f_1 b. Determine the amount of factory overhead applied to Job 567 if the amount of direct labor hours is 1,200 and Job 999 if the amount of direct labor hours is 2,800. Job 567 $fill in the blank 8b99eb02a009f9f_2 Job 999 $fill in the blank 8b99eb02a009f9f_3 c. Prepare the journal entry to apply factory overhead for April according to the predetermined overhead rate. fill in the blank aa9138f9703b038_2 fill in the blank aa9138f9703b038_4
Cavy Company estimates that total factory overhead costs will be $1,053,206 for the year. Direct labor hours are estimated to be 107,800. a. Compute the predetermined factory overhead rate. Round your answer to the nearest cent. $4 per direct labor hour b. Determine the amount of factory overhead applied to Job 345 if the amount of direct labor hours is 1,200 and to Job 777 if the amount of direct labor hours is 3,300. Job 345 Job 777 $4 c. Journalize the entry to record the factory overhead applied if Jobs 345 and 777 are the only jobs for the period. If an amount box does not require an entry, leave it blank.
What is the labor rate variance for the month on these general accounting question?