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Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used Actual rate for direct labor 780 hrs. $12.30 per hr. 370 bicycles 2 hrs. $12.50 per hr. a. Determine for October the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance Bicycles completed in October Standard direct labor per bicycle Standard rate for direct labor b. How much direct labor should be debited to Work in Process? Favorable Unfavorable Unfavorable

Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used Actual rate for direct labor 780 hrs. $12.30 per hr. 370 bicycles 2 hrs. $12.50 per hr. a. Determine for October the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance Bicycles completed in October Standard direct labor per bicycle Standard rate for direct labor b. How much direct labor should be debited to Work in Process? Favorable Unfavorable Unfavorable

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used Actual rate for direct labor Bicycles completed in October Standard direct labor per bicycle Standard rate for direct labor 780 hrs. $12.30 per hr. 370 bicycles 2 hrs. $12.50 per hr. a. Determine for October the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance b. How much direct labor should be debited to Work in Process? Favorable Unfavorable Unfavorable
Transcribed Image Text:Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used Actual rate for direct labor Bicycles completed in October Standard direct labor per bicycle Standard rate for direct labor 780 hrs. $12.30 per hr. 370 bicycles 2 hrs. $12.50 per hr. a. Determine for October the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance b. How much direct labor should be debited to Work in Process? Favorable Unfavorable Unfavorable
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