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Consider the following data for a manufacturing company. Compute the efficiency variance for labor. Direct Direct Materials Labor Standard inputs allowed for actual output x standard prices $ 59,000 $ 95,000 $ 58,000 $100,000 $ 61,000 $ 98,000 Costs incurred Actual Inputs x standard prices a. $5,000 unfavorable b. $2,000 favorable c. $3,000 favorable d. $5,000 favorable e. $2,000 unfavorable f. $3,000 unfavorable

Consider the following data for a manufacturing company. Compute the efficiency variance for labor. Direct Direct Materials Labor Standard inputs allowed for actual output x standard prices $ 59,000 $ 95,000 $ 58,000 $100,000 $ 61,000 $ 98,000 Costs incurred Actual Inputs x standard prices a. $5,000 unfavorable b. $2,000 favorable c. $3,000 favorable d. $5,000 favorable e. $2,000 unfavorable f. $3,000 unfavorable

FINANCIAL ACCOUNTING
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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Consider the following data for a manufacturing company. Compute the efficiency variance for labor. Direct Direct Materials Labor Standard inputs allowed for actual output x standard prices $ 59,000 $ 95,000 $ 58,000 $100,000 $ 61,000 $ 98,000 Costs incurred Actual Inputs x standard prices a. $5,000 unfavorable b. $2,000 favorable c. $3,000 favorable d. $5,000 favorable e. $2,000 unfavorable f. $3,000 unfavorable
Transcribed Image Text:Consider the following data for a manufacturing company. Compute the efficiency variance for labor. Direct Direct Materials Labor Standard inputs allowed for actual output x standard prices $ 59,000 $ 95,000 $ 58,000 $100,000 $ 61,000 $ 98,000 Costs incurred Actual Inputs x standard prices a. $5,000 unfavorable b. $2,000 favorable c. $3,000 favorable d. $5,000 favorable e. $2,000 unfavorable f. $3,000 unfavorable
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