Exercise 21-10 Direct labor variances P3Refer to the information in Exercise 21-8 and compute the (1) direct labor rate variance and (2) direct labor efficiency variance.Indicate whether each variance is favorable or unfavorable.

The direct labor rate variance and the direct labor efficiency variance can be better understood if…

Answered: Exercise 21-10 Direct labor variances…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Total variance in variance analysis compares ● Flexible budget and actual outcome Static budget and flexible budget Flexible budget and static outcome Static budget and actual outcome
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At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
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Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500
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Exercise 21-10 Direct labor variances P3 Refer to the information in Exercise 21-8 and compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable.