Direct Labor Variances Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used 550 hrs. Actual rate for direct labor $13.30 per hr. Bicycles completed in October 260 bicycles Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $13.60 per hr. a. Determine for October 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. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance b. How much direct labor should be debited to Work in Process?

Direct Labor Variances Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used 550 hrs. Actual rate for direct labor $13.30 per hr. Bicycles completed in October 260 bicycles Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $13.60 per hr. a. Determine for October 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. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance b. How much direct labor should be debited to Work in Process?

Name: Direct Labor VariancesGlacier Bicycle Company manufactures commuter b
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Description: Direct Labor VariancesGlacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available:Quantity of direct labor used550 hrs.Actual rate for direct labor$13.30 per hr.Bic

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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Direct labor variances Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a standard hourly rate of $22.00 per hour. 15,300 units used 64,400 hours at an hourly rate of $19.60 per hour. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance $fill in the blank 2 b. Direct labor time variance $fill in the blank 4 c. Direct labor cost variance $fill in the blank 6
Direct Labor Variances Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used 800 hrs Actual rate for direct labor $11.50 per hr. Bicycles completed in October 380 bicycles Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $11.70 per hr. a. Determine for October 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. Direct Labor Rate Variance Direct Labor Time Variance $ Total Direct Labor Cost Variance $ b. How much direct labor should be debited to Work in Process?
Direct Labor Variances Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used 590 hrs. Actual rate for direct labor $12.50 per hr. Bicycles completed in October 280 bicycles Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $12.80 per hr. a. Determine for October 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. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance b. How much direct labor should be debited to Work in Process?fill in the blank
Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $10.80 Standard labor time per faucet 10 min. Standard number of lb. of brass 1.30 lb. Standard price per lb. of brass $9.75 Actual price per lb. of brass $10.00 Actual lb. of brass used during the week 11,600 lb. Number of faucets produced during the week 8,700 Actual wage per hr. $11.10 Actual hrs. per week 1,280 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus…
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 5,800 lbs. Actual unit price of direct materials $3.90 per lb. Units of finished product manufactured 1,390 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $984 Direct materials price variance—favorable $1,160 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or the end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials…
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 6,700 lb. Actual unit price of direct materials $5.60 per Ib. Units of finished product manufactured 3,220 units Standard direct materials per unit of finished product 2 lb. Direct materials quantity variance-unfavorable $1,482 Direct materials price variance-unfavorable $670 Determine the standard direct materials cost per unit of finished product, assuming that there was no inventory of work in process at either the beginning or end of the month. If required, round your standard cost per unit answer to two decimal places. Product finished units Standard finished product for direct materials used units Deficiency of finished product for materials used units Standard cost for direct materials per unit
Direct Labor Variances Death Valley Bicycle Company manufactures mountain bikes. The following data for October of the current year are available: Quantity of direct labor used 500 hrs. Actual rate for direct labor $13.20 per hr. Bicycles completed in October 240 Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $13.50 per hr. Planned bicycles for October 270 Determine the direct labor rate and time variances. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. Rate variance $fill in the blank 1 Time variance fill in the blank 3 Total direct labor cost variance $fill in the blank 5
Subject: acounting
lion athletics company manufactures commuter bicycles from recycled materials. the following data for october are available: quantity of direct labor used- 5,000 hours actual rate for direct labor- $22.75 per hour bicycles completed in october- 800 bicycles standard direct labor per bicycle- 6 hours standard rate for direct labor- $24 per hour NOW FIND: direct labor rate variance: direct labor time variance: total direct labor cost variance: