Direct Labor VariancesLa Barte Company manufactures commuter bicycles from recycled materials. The following data for July of the current year are available:Quantity of direct labor used420 hrs.Actual rate for direct labor$12.10 per hr.Bicycles completed in July200 bicyclesStandard direct labor per bicycle2 hrs.Standard rate for direct labor$12.30 per hr.a. Determine the direct labor rate variance, time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and anunfavorable variance as a positive number.Direct labor rate varianceFavorableDirect labor time varianceUnfavorableTotal direct labor cost variance $Unfavorableb. How much direct labor should be debited to Work in Process?Feedback

Direct labor variance: Labor cost variance is the difference between the standard labor cost for the…

Answered: Direct Labor Variances La Barte Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Give labor rate variance
Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 30 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour $16.80 Standard labor time per unit 20 min. Standard number of lbs. of brass 1.9 lbs. Standard price per lb. of brass $11.25 Actual price per lb. of brass $11.50 Actual lbs. of brass used during the week 12,916 lbs. Number of units produced during the week 6,600 Actual wage per hour $17.30 Actual hours for the week (30 employees × 36 hours) 1,080 Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit ? Direct labor standard cost per unit ? Total standard cost per unit ? b. Determine the direct materials price…
Direct Labor Variances The following data relate to labor cost for production of 5,200 cellular telephones: Actual: 3,480 hrs. at $15.00 Standard: 3,430 hrs. at $15.20 a. Determine 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. Rate variance Time variance Total direct labor cost variance $ $ b. The employees may have been less-experienced or poorly trained, thereby resulting in a or training may have resulted in efficient performance. Thus, the actual time required was labor rate than planned. The lower level of experience than standard.
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 Alvarado Company produces a product that requires 3 standard direct labor hours per unit at a standard hourly rate of $20.00 per hour. 15,900 units used 65,500 hours at an hourly rate of $19.15 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 (e) 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 b. Direct labor time variance c. Direct labor cost variance Favorable Unfavorable Unfavorable ✓ ✓
Labor Rate and Efficiency Variances Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.03 hours. During the month of April, 900,000 bottles were produced using 25,200 labor hours@ $15.00. The standard wage rate is $13.50 per hour. Required: Calculate the labor rate and efficiency variances using the columnar and formula approaches. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance Labor efficiency variance
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost
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
Please do not give solution in image format thanku
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 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

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS