Concord Products embosses notebooks with school and corporate logos. Last year, the company's direct labor payroll totaled $296,990 for 49,990 direct labor hours. The standard wage rate is $6.00 per direct labor hour. Calculate Concord's direct labor rate variance. (Round answer to O decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter o for the amounts.) Direct labor rate variance $

Concord Products embosses notebooks with school and corporate logos. Last year, the company's direct labor payroll totaled $296,990 for 49,990 direct labor hours. The standard wage rate is $6.00 per direct labor hour. Calculate Concord's direct labor rate variance. (Round answer to O decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter o for the amounts.) Direct labor rate variance $

Name: Concord Products embosses notebooks with school and corporate logos.
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Description: Concord Products embosses notebooks with school and corporate logos. Last year, the company's direct labor payroll totaled$296,990 for 49,990 direct labor hours. The standard wage rate is $6.00 per direct labor hour.Calculate Concord's direct labor

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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Sheffield Company's standard labor cost per unit of output is $22.00 (2.00 hours x $11 per hour). During August, the company incurs 2,340 hours of direct labor at an hourly cost of $9.90 per hour in making 1,300 units of finished product. Compute the total, price, and quantity labor variances. (Round answers to 2 decimal places, e.g. 52.75.) Total labor variance Labor price variance $ $ Labor quantity variance $
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Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end: Direct Materials Price Debit Credit Variance $1,000 Direct Materials Quantity $2,000 Variance $500 Direct Labor Rate Variance $3,000 Direct Labor Efficiency Variance Unadjusted Cost of Goods Sold equals $200,000. Which of the following would be FALSE when the year-end closing entry is made? O The Cost of Goods Sold account will be debited. O Adjusted Cost of Goods Sold will be $198,500. The Direct Labor Rate Variance account will be debited. O The Direct Materials Price Variance account will be credited.
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