Direct labor variances The following data is provided for Bellingham Company: DATA Standard direct labor hours per unit Standard hourly rate Units produced Actual labor hours used 3 $21.00 15,800 64,800 $19.20 Actual hourly rate Using formulas and cell references, perform the required analysis, and i cells in the Amount column. Select the corresponding type of variance ir Transfer the numeric results for the green entry cells (C15:C17) into the grading. Amount a. Direct labor rate variance b. Direct labor time variance c. Direct labor cost variance Favorable or Unfavorable Favorable or Unfavorable Favorable or Unfavorable

Direct labor variances The following data is provided for Bellingham Company: DATA Standard direct labor hours per unit Standard hourly rate Units produced Actual labor hours used 3 $21.00 15,800 64,800 $19.20 Actual hourly rate Using formulas and cell references, perform the required analysis, and i cells in the Amount column. Select the corresponding type of variance ir Transfer the numeric results for the green entry cells (C15:C17) into the grading. Amount a. Direct labor rate variance b. Direct labor time variance c. Direct labor cost variance Favorable or Unfavorable Favorable or Unfavorable Favorable or Unfavorable

Name: Direct labor variancesThe following data is provided for Bellingham C
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Description: Direct labor variancesThe following data is provided for Bellingham Company:DATAStandard direct labor hours per unitStandard hourly rate3$21.0015,80064,800$19.20Units producedActual labor hours usedActual hourly rateUsing formulas and cell reference

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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1.3 REQUIRED Use the information provided below to calculate the following variances. Each answer must indicate whether the variance is favourable or unfavourable. 1.3.1 Material quantity variance 1.3.2 Labour rate variance 1.3.3 Variable manufacturing overheads efficiency variance INFORMATION The standard variable costs per unit (with a standard quantity of 25 000 units), set by Kidman Manufacturers, for Product M are as follows: Materials Labour Variable overhead 4 kg at R10 per kg 2 hours at R20 per hour 2 hours at R12 per hour The actual costs for October 2022 are as follows: Materials Materials Labour Variable overhead 100 000 kg were purchased for R980 000 78 000 kg were used to produce 20 000 units of Product M 41 000 labour hours at R19.60 per hour R500 200 incurred
1. Compute for Spending Variance 2. Compute for Variable Overhead Efficiency Variance 3. Compute for Controllable Variance
Favorable or Unfavorable? Please assist.
Recording Standards in Accounts Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions: a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. If an amount box does not require an entry, leave it blank. a. Materials ? ? Direct Materials Price Variance ? ? Accounts Payable ? ? Feedback Debit (unfavorable) or credit (favorable) the direct materials price variance. Debit (unfavorable) or credit (favorable) the direct materials quantity variance. b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner. If an amount box does not require an entry, leave it blank. b. Work in Process ? ? Direct…
Knowledge Check Overhead information for Wilts Company is presented. · Actual fixed overhead, $9,150 . Actual variable overhead, $5,590 Budgeted fixed overhead, $9,300 Variable overhead rate, $0.90 Fixed overhead rate, $1.50 Normal capacity hours, 6,200 Standard hours allowed, 6,100 Determine the overhead controllable and the overhead volume variances. Indicate whether they are favorable or unfavorable. Overhead controllable variance Overhead volume variance $
Direct Labor Variances The following data relate to labor cost for production of 6,800 cellular telephones: Actual: 4,610 hrs. at $13.6 Standard: 4,540 hrs. at $13.9 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 $fill in the blank 1 Time variance $fill in the blank 3 Total direct labor cost variance $fill in the blank 5 b. The employees may have been less-experienced or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard.
Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance
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