5800198Grant Industries makes light construction equipment. The standard for a particular device calls for 24 direct laborhours. During a recent period 850 devices were made. The standard wage rate is $17.00 per hour. The labor ratevariance was $4,114 favorable and the labor efficiency variance was $2,890 unfavorable.9 What is Grant's actual direct labor wage rate (select the closest number)?#SPA15.85SP16.8816.8017.0024*17- 408ENone of the aboveFilmore Toy Company makes wooden Toys. The following materials standards have been established for their mospopular train set:Standard quantity per unit of output1.7 board feetStandard Price of Material$19.80 board footThe following data pertain to operations concerning the product for the last month:Actual materials purchasedActual cost of materials purchasedActual materials used in productionActual output5,800 board feet$ 113,6805,100 board feet3,200 units10 What was the purchase price variance for the month?А.6,732 UnfavorableVニ(AQ*AP)- (AQ a SPВ.$6,732 FavorableC.$1,160 UnfavorableD.$1,160 FavorableE. None of the above580019.6|14,84

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Grant Industries makes light construction equipment. The standard for a particular device calls for 24 direct labor hours. During a recent period 850 devices were made, The standard wage rate is $17.00 per hour. The labor rate variance was $4,114 favorable and the labor efficiency variance was $2,890 unfavorable. 9 What is Grant's actual direct labor wage rate (select the closest number)? A 15.85 B 16.88 16.80 17.00 24*17- 408 None of the above

Grant Industries makes light construction equipment. The standard for a particular device calls for 24 direct labor hours. During a recent period 850 devices were made, The standard wage rate is $17.00 per hour. The labor rate variance was $4,114 favorable and the labor efficiency variance was $2,890 unfavorable. 9 What is Grant's actual direct labor wage rate (select the closest number)? A 15.85 B 16.88 16.80 17.00 24*17- 408 None of the above

FINANCIAL ACCOUNTING

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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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.

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Question

5800198
Grant Industries makes light construction equipment. The standard for a particular device calls for 24 direct labor
hours. During a recent period 850 devices were made. The standard wage rate is $17.00 per hour. The labor rate
variance was $4,114 favorable and the labor efficiency variance was $2,890 unfavorable.
9 What is Grant's actual direct labor wage rate (select the closest number)?
#SP
A
15.85
SP
16.88
16.80
17.00
24*17- 408
E
None of the above
Filmore Toy Company makes wooden Toys. The following materials standards have been established for their mos
popular train set:
Standard quantity per unit of output
1.7 board feet
Standard Price of Material
$
19.80 board foot
The following data pertain to operations concerning the product for the last month:
Actual materials purchased
Actual cost of materials purchased
Actual materials used in production
Actual output
5,800 board feet
$ 113,680
5,100 board feet
3,200 units
10 What was the purchase price variance for the month?
А.
6,732 Unfavorable
Vニ(AQ*AP)- (AQ a SP
В.
$
6,732 Favorable
C.
$
1,160 Unfavorable
D.
$
1,160 Favorable
E. None of the above
580019.6
|14,84

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PRESENT YOUR ANSWER AS: (10) IF FAVORABLE OR 10 IFUNFAVORABLE. The Standard manufacturing corporation uses a standardcost system in accounting for the cost of its only product.The standard cost per unit (based on 10,000 unitsproduction) was set up as follows: Direct materials, 10 kgs@P11/kg.; Direct labor, 8 hours @ p50 per hour; Factoryoverhead, 8 hours @ P15 per hour. The following data onthe operations appear in the company's record for themonth of July: Units completed during the month, 8,000units; units in process at the end of the month, with 100%materials but half completed, 1,000 units; Direct materialsused, 95,000 kgs @ P10 per kg; Direct labor, P3,510,000 ata rate of P54; Actual overhead for the month P985,000.Compute for the Variable efficiency variance. Indicate whether favorable or unfavorable.
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Subject: Acounting
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