Fletcher Company collected the following data regarding production of one of its products. Compute the direct labor efficiency variance. Direct labor standard (.50 hours @ $13.30/hour) Actual direct labor hours Actual finished units produced Actual cost of direct labor Multiple Choice O $665 favorable. $15,335 favorable. $665 unfavorable. O $16,000 favorable. $16,000 unfavorable. $ 6.65 per finished unit 85,600 hours 171,100 units $ 1,153,815

Fletcher Company collected the following data regarding production of one of its products. Compute the direct labor efficiency variance. Direct labor standard (.50 hours @ $13.30/hour) Actual direct labor hours Actual finished units produced Actual cost of direct labor Multiple Choice O $665 favorable. $15,335 favorable. $665 unfavorable. O $16,000 favorable. $16,000 unfavorable. $ 6.65 per finished unit 85,600 hours 171,100 units $ 1,153,815

Name: Fletcher Company collected the following data regarding production of
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Fletcher Company collected the following data regarding production of one of its products. Compute the directlabor efficiency variance.Direct labor standard (.50 hours @ $13.30/hour)Actual direct labor hoursActual finished units producedActual cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: cher Company collected the following data regarding production of one of its products. Compute the…

A: Detailed explanation: Direct labor cost variance = actual cost - (standard cost x actual…

Q: The Russell Company provides the following standard cost data per unit of product: Direct material…

A: Direct labor usage variance: It is a measure that determines the variation between actual and…

Q: Rundle Company established a predetermined fixed overhead cost rate of $28 per unit of product. The…

A: Variance arises when the actual costs differ from the standard costs. The results are favorable…

Q: Assume the following: • The standard labor rate per hour is $17.50. • The standard labor-hours…

A: DIRECT LABOUR COST VARIANCEDirect Labour Cost Variance is the difference between the actual direct…

Q: Use this information to answer the question that follow. The standard costs and actual costs for…

A: Formulas: Fixed overhead variance = Actual fixed cost - Standard fixed cost

Q: The standard number of hours that should have been worked for the output attained is 9,000 direct…

A: The variance is the difference between the actual data and standard output of the production.…

Q: Provide correct solution for this question

A: Step 1:Standard labor cost per unit is $48Standard time allowed per unit is 3hoursActual hours is…

Q: Good Deal, Inc. uses a standard cost system and provides the following information. Good Deal…

A: Standard costing in simple terms can be defined as a system in which the standard costs and revenues…

Q: Use the following data to find the total direct labor variance if the company produced 3,500 units…

A: The total direct labor variance measures the difference between the actual labor costs incurred and…

Q: The Russell Company provides the following standard cost data per unit of product: $ 4.00 Direct…

A: Lets understand the basics.Direct labor price variance is a variance between the ratt at which labor…

Q: A company reports the following for one of its products. Direct materials standard (3 pounds e $2…

A: Calculation of Direct material price Variance:: Actual quantity*(Standard price------Actual…

Q: The standard and actual cost data of Ali & Company are as follows; STANDARD ACTUAL Material 8,000 kg…

A: Journal entry is a primary entry that records the financial transactions initially. The transactions…

Q: Big Dog Company, a manufacturer of dog food, produces its product in 1,000-bag batches. The standard…

A: >Variances refer to the difference between Standard Cost allowed and Actual Cost incurred.…

Q: The standard costs and actual costs for factory overhead for the manufacture of 2,900units of actual…

A: The objective of the question is to calculate the fixed factory overhead volume variance. The fixed…

Q: A manufacturing company reports the following for one of its products. Compute the direct materials…

Q: A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all…

A: Variance refers to the difference that is calculated by taking the actual cost that is incurred in…

Q: The per-unit standards for direct labor are 1.4 direct labor hours at $13 per hour. If in producing…

A: Variance is considered as the difference between budgeted value and actual results. The management…

Q: ssume the following: The standard labor rate per hour is $18.00. The standard labor - hours allowed…

A: Labor efficiency variance measures the efficiency of workers in terms of hours spent for production…

Q: Fletcher Company collected the following data regarding production of one of its products. Compute…

A: Variance is analyzed in order to compare the actual performance with the actual performance of the…

Q: The following information describes a company's usage of direct labor in a recent period. Actual…

A: Direct labor variance is the difference between standard direct labor cost for actual production…

Q: Franklin Company established a predetermined fixed overhead cost rate of $36 per unit of product.…

A: Fixed overhead spending variance- The fixed cost spending variance is the distinction among the…

Q: SouthHaven Corporation applies overhead based on direct labor hours. According to standard cost…

A: Variable overheads means those indirect expenses which changes along with change in activity level.…

Q: Amazing Corporation gathered the following information for Job #928: Standard Total Cost Actual…

A: In this question, we need to compute direct labor efficiency variance. Direct labor efficiency…

Q: Give answer for the question

A: Given DataStandard labor cost per unit: $48,Standard labor hours per unit: 3 hours,Total output:…

Q: The following actual and standard cost data for direct material and direct labor relate to the…

A: Labor efficiency variance measures the difference between actual hours worked and standard hours…

Q: Provide solution for this question

A: Given Data:Standard labor cost per unit of output: $48Standard labor hours allowed per unit of…

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.

Topic Video

Question

Fletcher Company collected the following data regarding production of one of its products. Compute the direct
labor efficiency variance.
Direct labor standard (.50 hours @ $13.30/hour)
Actual direct labor hours
Actual finished units produced
Actual cost of direct labor
Multiple Choice
O
O
$665 favorable.
$15,335 favorable.
$665 unfavorable.
$16,000 favorable.
$16,000 unfavorable.
$ 6.65 per finished unit
85,600 hours
171,100 units
$ 1,153,815

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Solution

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Perez Company established a predetermined fixed overhead cost rate of $37 per unit of product. The company planned to make 6,100 units of product but actually produced only 5,300 units. Actual fixed overhead costs were $233,200. Required a. Determine the fixed cost spending variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the fixed cost volume variance and indicate whether it is favorable (F) or unfavorable (U). Note: For all requirements, Select "None" if there is no effect (i.e., zero variance). a. Total spending variance b. Total volume variance
You Did It! (YDI) has the following standards for direct labor: o Estimated quantity 8,900 direct labor hours o Estimated unit variable $48 per hour o Estimated fixed costs $18,000 YDI actually used 8,300 direct labor hours during production at an average hourly wage rate of $49.20, and actually incurred total fixed costs of $17,600. Using this information, answer the following questions. Please circle to identify the variance as favorable or unfavorable. What is the direct labor volume variance? Favorable or unfavorable?
ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual total overhead $69,270 Actual fixed overhead $33,000 Actual machine hours 9,000 Standard hours for the units produced 8,300 Standard variable overhead rate $4.40 What is the variable overhead efficiency variance? Enter the amount as positive number. Variable overhead efficiency variance $fill in the blank 1
Assume the following: • The variable portion of the predetermined overhead rate is $1.50 per direct labor-hour. • The standard labor-hours allowed per unit of finished goods is 3 hours. • The variable overhead efficiency variance is $1,500 F. • The company produced 15,000 units of finished goods during the period. What is the actual quantity of direct labor-hours worked during the period? Multiple Choice о о O O 44,000 hours 44,500 hours 43,500 hours 43,000 hours
Manufacturing overhead data for the production of Product H by Shakira Company, assuming the company uses a standard cost system, are as follows. Overhead incurred for 46,000 actual direct labor hours worked $373,200 Overhead rate (variable $7; fixed $1) at normal capacity of 50,700 direct labor hours $8 Standard hours allowed for work done 46,750 Compute the total overhead variance. Total overhead variance $enter the total overhead variance in dollars select an option Neither favorable nor unfavorableFavorableUnfavorable
Provide correct answer
Compute all material and labor variances correctly Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. $7.00 Direct materials-1 pound plastic at $7.00 per pound Direct labor-1.0 hours at $11.65 per hour 11.65 7.00 7.00 $32.65 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($14.00 1.0). It was computed from a master manufacturing overhead budget based on normal production of 5,300 direct labor hours (5,300 units) for the month. The master budget showed total variable costs of $37,100 ($7.00 per hour) and total fixed overhead costs of $37,100 ($7.00 per hour). Actual costs for October in producing 4.600 units were as follows. Direct materials (4.770 pounds) Direct labor (4,440 hours) Variable overhead Fixed overhead Total manufacturing costs $33.867 52.614 48.942 17,258 $152.681 The purchasing department buys the…
Answer complete question please, otherwise skip it, answer in text form please (without image)
Help please
Stuart Company established a predetermined fixed overhead cost rate of $35 per unit of product. The company planned to make 6,500 units of product but actually produced only 6,000 units. Actual fixed overhead costs were $235,600. Required a. Determine the fixed cost spending variance and indicate whether it is favorable (F) or unfavorable (U). b. Determine the fixed cost volume variance and indicate whether it is favorable (F) or unfavorable (U). Note: For all requirements, Select "None" if there is no effect (i.e., zero variance). a. Total spending variance b. Total volume variance U U
Please give answer of this question
Larry's Woodworks has collected the following data for its cutting board line of products: K Direct materials standard Direct materials standard cost Actual Direct Materials Used (AQU) Actual finished goods purchased What is the direct materials quantity variance? 10 pounds per unit $0.54 per pound 40,000 pounds 4,100 units OA. $17,860 unfavorable OB. $17,860 favorable OC. $540 unfavorable OD. $540 favorable