Current Attempt in Progress Metlock Company's standard labour cost per unit of output is $20 (2 hours x $10.00 per hour). During August, the company incurs 2,200 hours of direct labour at an hourly cost of $9.70 per hour in making 1,000 units of finished product. Calculate the total, price, and quantity labour variances. (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 125.) Total labour variance Labour price variance Labour quantity variance eTextbook and Media Save for Later $ $ Attempts: 0 of 3 used Submit Answer
Current Attempt in Progress Metlock Company's standard labour cost per unit of output is $20 (2 hours x $10.00 per hour). During August, the company incurs 2,200 hours of direct labour at an hourly cost of $9.70 per hour in making 1,000 units of finished product. Calculate the total, price, and quantity labour variances. (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 125.) Total labour variance Labour price variance Labour quantity variance eTextbook and Media Save for Later $ $ Attempts: 0 of 3 used Submit Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:Current Attempt in Progress
Metlock Company's standard labour cost per unit of output is $20 (2 hours x $10.00 per hour). During August, the company incurs
2,200 hours of direct labour at an hourly cost of $9.70 per hour in making 1,000 units of finished product. Calculate the total, price,
and quantity labour variances. (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 125.)
Total labour variance
Labour price variance
Labour quantity variance $
eTextbook and Media
$
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