Answer this George Company's unadjusted COGS for 20X1 was$93,000. They had a $9,000 unfavorable direct laborefficiency variance, a $3,000 favorable direct labor ratevariance, a $7,000 unfavorable direct materials purchaseprice variance, and a $7,000 unfavorable direct materialsusage variance. They did not have any overhead variances.What was George Company's adjusted COGS amount for20X1?

Explanation of COGS (Cost of Goods Sold): COGS represents the direct costs attributable to the…

Answered: George Company's unadjusted COGS for…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 13PA: Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the...

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What was George company's adjusted COGS amount ??
Elisabeth Company's unadjusted COGS for 20X1 was $84,000. They had a $4,000 unfavorable direct labor efficiency variance, a $1,000 favorable direct labor rate variance, a $3,000 unfavorable direct materials purchase price variance, and a $4,000 unfavorable direct materials usage variance. They did not have any overhead variances. What was Elisabeth Company's adjusted COGS amount for 20X1?
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Frontera Company’s output for the current period results in a $20,000 unfavorable direct labor rate variance and a $10,000 unfavorable direct labor efficiency variance. Production for the current period was assigned a $400,000 standard direct labor cost. What is the actual total direct labor cost for the current period?
Your managerial accountant has provided you with the following variance report as it relates to direct labor: Price variance $12,000, favorable Quantity variance ($9,000), unfavorable Total variance $3,000, favorable Select all the reasonable qualitative considerations to this report. The quantity variance indicates that we exceeded our standards for direct labor quantity, and is therefore qualitatively unfavorable. The price variance is qualitatively favorable because it indicates that we are investing in more qualified and experienced employees, and thus have to provide an increased wage rate to compensate for the additional experience. These employees are able to provide our services at a higher quality. The price variance is qualitatively unfavorable because it indicates that we are hiring inexperienced employees. Their inexperience will reduce the quality of the service being provided. The total direct labor variance is qualitatively…
A company shows a $24,000 unfavorable direct labor rate variance and a $18,000unfavorable direct labor efficiency variance. The company's standard cost of direct labor is $370,000. What is the actual cost of direct labor? Actual cost of direct labor
For each of the following independent cases, fill in the missing amounts in the table: Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Case A B с D E T Direct Labor Rate Direct Labor Efficiency Direct Labor Spending Variance Variance Variance $ $ $ 1,350 U 1,400 F 1,600 F U U 1,250 U $ $ 5A5A5A $ $ 2,400 F U |F 1,100 U 1,700 F 1,750 U $ $ $ $ 2,300 U 3,000 F 3,700 U 2,550 U EU
The incorrect answer is neither what is shown on the image nor $4,905.
Basix Inc. calculates direct manufacturing labor variances and has the following information: 1. Actual hours worked: 200 2. Standard hours allowed for actual output: 250 3. Actual rate per hour: $12 4. Standard rate per hour: $10 Given the information above, which of the following is correct regarding direct manufacturing labor variances? A. The price and efficiency variances are unfavorable. B. The price variance is favorable, while the efficiency variance is unfavorable. C. The price and efficiency variances are favorable. D. The price variance is unfavorable, while the efficiency variance is favorable.
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