Ellis Company's labor information for September is as follows: Direct labor hourly rate paid $31.00 Total standard direct labor hours for units produced 10,000.00 Direct labor hours worked 9,800.00 Direct labor rate variance $6,860.00 (favorable) Round your answers to two decimal places. A. Compute the standard direct labor rate per hour. $1 standard rate B. Compute the direct labor time variance. Direct labor time variance $ C. Compute the standard direct labor rate if the direct labor rate variance was $2,450.00 (unfavorable). standard labor rate

Ellis Company's labor information for September is as follows: Direct labor hourly rate paid $31.00 Total standard direct labor hours for units produced 10,000.00 Direct labor hours worked 9,800.00 Direct labor rate variance $6,860.00 (favorable) Round your answers to two decimal places. A. Compute the standard direct labor rate per hour. $1 standard rate B. Compute the direct labor time variance. Direct labor time variance $ C. Compute the standard direct labor rate if the direct labor rate variance was $2,450.00 (unfavorable). standard labor rate

Name: Ellis Company's labor information for September is asfollows:Direct l
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Description: Ellis Company's labor information for September is asfollows:Direct labor hourly rate paid$31.00Total standard direct labor hours for units produced10,000.00Direct labor hours worked9,800.00Direct labor rate variance$6,860.00 (favorable)Round your a

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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Concept explainers

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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Question

Ellis Company's labor information for September is as
follows:
Direct labor hourly rate paid
$31.00
Total standard direct labor hours for units produced
10,000.00
Direct labor hours worked
9,800.00
Direct labor rate variance
$6,860.00 (favorable)
Round your answers to two decimal places.
A. Compute the standard direct labor rat
per hour.
standard rate
B. Compute the direct labor time variance.
Direct labor time variance $
C. Compute the standard direct labor rate if the direct labor
rate variance was $2,450.00 (unfavorable).
standard labor rate

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