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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 used510 hrs.Actual rate for direct labor $11.10 per hr.Bicycles completed in October240 bicyclesStandard direct labor per bicycle2 hrs.Standard rate for direct labor$11.30 per hr. a. Determine for October the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance$fill in the blank 1FavorableUnfavorable Direct Labor Time Variance$fill in the blank 3FavorableUnfavorable Total Direct Labor Cost Variance$fill in the blank 5FavorableUnfavorable b. How much direct labor should be debited to Work in Process? $fill in the blank 7

Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data for October of the current year are available: Quantity of direct labor used510 hrs.Actual rate for direct labor $11.10 per hr.Bicycles completed in October240 bicyclesStandard direct labor per bicycle2 hrs.Standard rate for direct labor$11.30 per hr. a. Determine for October the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance$fill in the blank 1FavorableUnfavorable Direct Labor Time Variance$fill in the blank 3FavorableUnfavorable Total Direct Labor Cost Variance$fill in the blank 5FavorableUnfavorable b. How much direct labor should be debited to Work in Process? $fill in the blank 7

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 used510 hrs.Actual rate for direct labor$11.10 per hr.Bicycles completed in October240 bicycles Standard direct labor per bicycle2 hrs.Standard rate for direct labor$11.30 per hr. a. Determine for October the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance$fill in the blank 1FavorableUnfavorable Direct Labor Time Variance$fill in the blank 3FavorableUnfavorable Total Direct Labor Cost Variance$fill in the blank 5FavorableUnfavorable b. How much direct labor should be debited to Work in Process? $fill in the blank 7
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 used510 hrs.Actual rate for direct labor$11.10 per hr.Bicycles completed in October240 bicycles Standard direct labor per bicycle2 hrs.Standard rate for direct labor$11.30 per hr. a. Determine for October the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance$fill in the blank 1FavorableUnfavorable Direct Labor Time Variance$fill in the blank 3FavorableUnfavorable Total Direct Labor Cost Variance$fill in the blank 5FavorableUnfavorable b. How much direct labor should be debited to Work in Process? $fill in the blank 7
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