Corpus Christi Bicycle Company manufactures commuter bicycles from recycled materials. Corpus Christi Bicycle Company records standard costs in its accounts. The following data for March are available: Line Item Description Value Quantity of direct labor used 720 hrs. Actual rate for direct labor $12.90 per hr. Bicycles completed in March 340 bicycles Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $13.20 per hr. a. Determine for March 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. Line Item Description Amount Variance Direct Labor Rate Variance $fill in the blank 1 Direct Labor Time Variance $fill in the blank 3 Total Direct Labor Cost Variance $fill in the blank 5 b. How much direct labor should be debited to Work in Process?fill in the blank 1 of 1$
Corpus Christi Bicycle Company manufactures commuter bicycles from recycled materials. Corpus Christi Bicycle Company records standard costs in its accounts. The following data for March are available: Line Item Description Value Quantity of direct labor used 720 hrs. Actual rate for direct labor $12.90 per hr. Bicycles completed in March 340 bicycles Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $13.20 per hr. a. Determine for March 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. Line Item Description Amount Variance Direct Labor Rate Variance $fill in the blank 1 Direct Labor Time Variance $fill in the blank 3 Total Direct Labor Cost Variance $fill in the blank 5 b. How much direct labor should be debited to Work in Process?fill in the blank 1 of 1$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Corpus Christi Bicycle Company manufactures commuter bicycles from recycled materials. Corpus Christi Bicycle Company records
| Line Item Description | Value |
|---|---|
| Quantity of direct labor used | 720 hrs. |
| Actual rate for direct labor | $12.90 per hr. |
| Bicycles completed in March | 340 bicycles |
| Standard direct labor per bicycle | 2 hrs. |
| Standard rate for direct labor | $13.20 per hr. |
a. Determine for March 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.
| Line Item Description | Amount | Variance |
|---|---|---|
| Direct Labor Rate Variance | $fill in the blank 1 |
|
| Direct Labor Time Variance | $fill in the blank 3 |
|
| Total Direct Labor Cost Variance | $fill in the blank 5 |
|
b. How much direct labor should be debited to Work in Process?
fill in the blank 1 of 1$
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