Exercise 3-10 Labor VariancesPrepare a matrix and calculate the labor variances.Company for the month of November:The following direct labor data pertain to the 'operations of Konoha ManufacturingActual labor rateActual hours usedStandard labor rateStandard hours allowedP9.20 per hr.10,000P9.00 per hr.9,500Instructions- Price VarianceQuantity VarianceTotalLabor Variance

Labor price variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Labor…

Answered: Exercise 3-10 Labor Variances Prepare a…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity for Repine Company for September: Standard cost per unit Direct materials Direct labor Activity for September Materials purchased Material A Material B Materials used Material A Material B Direct labor used Production output 3 units of material A x $8.00 per unit 2 units of material B x $4.00 per unit 2 hours x $15.00 per hour 7,000 units x $7.80 per unit 4,800 units x $4.50 per unit Materials price variance $ Materials quantity variance 6,430 units 3,950 units 4,100 hours x $15.50 per hour 2,000 units There were no beginning direct materials inventories. (a) Determine the materials price and quantity variances. Material A (b) Determine the labor rate and efficiency variances. Labor rate variance $ Labor efficiency variance $ ◆ → $ → Material B ◆ →
Variances, Entries, and Income Statement A summary of Martindale Company's manufacturing variance report for May follows: Direct material Direct labor Variable overhead Fixed overhead Total Standard Costs (9,200 units) $38,640 193,200 22,080 9,660 $263,580 Actual Costs (9,200 units) Variances $41,760 $3,120 U 191,760 1,440 F 23,230 1,150 U 9,660 $266,410 $2,830 U Standard materials cost per unit of product is 0.5 pounds at $8.40 per pound, and standard direct labor cost is 1.5 hours at $14.00 per hour. The total actual materials cost represents 4,800 pounds purchased at $8.70 per pound. Total actual labor cost represents 14,100 hours at $13.60 per hour. According to standards, variable overhead rate is applied at $1.60 per direct labor hour (based on a normal capacity of 15,000 direct labor hours or 10,000 units of product). Assume that all fixed overhead is applied to work-in-progress inventory.
Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet 1 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 2 3 Record direct materials costs and variances. Date December 31 Note: Enter debits before credits. $ 100,000 General Journal 3,000 U 500 F 90,000 7,000 F 1,200 U 375,000 12,000 U 9,000 U Debit Credit >
Accounting Capstone - Budget Performace Variance Report
Test VII. High and Low Points Method. A controller is interested in analyzing the fixed and variable costs of indirect labor as related to direct labor hours. The following data have been accumulated: Indirect Direct Labor Labor Cost $2,880 3,256 2,820 3,285 3,200 3,200 Month March. Hours 425 Аpril May June. July . August. 545 440 560 540 495 Requirement: Determine the amount of the fixed portion of indirect labor expense and the variable rate for indirect labor expense, using the high and low points method.
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Answer pls
Instruction: a. Compute for the factory overhead variance b. Make the journal entries that relate to the factory overhead 19F.

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