he Company uses standard costing. For the month of April, the company reported he following data: Standard direct labour rate Standard hours allowed for actual production Actual direct labour rate Direct Labour efficiency variance What was the direct labour rate variance for April? $10 per hour 6,000 $8.50 per hour $4,800 favourable

he Company uses standard costing. For the month of April, the company reported he following data: Standard direct labour rate Standard hours allowed for actual production Actual direct labour rate Direct Labour efficiency variance What was the direct labour rate variance for April? $10 per hour 6,000 $8.50 per hour $4,800 favourable

Name: The Company uses standard costing. For the month of April, the compan
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Description: The Company uses standard costing. For the month of April, the company reportedthe following data:Standard direct labour rateStandard hours allowed for actual productionActual direct labour rateDirect Labour efficiency varianceWhat was the direct la

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Hemlock, Inc. uses standard costing and has set the following production standards for direct labor (DL). Standard direct labor hours (DLHs) per unit Standard wage rate 2 DLHs $18.00 per DLH 5,000 units Budgeted Units to be produced For the most recent month of operation, Hemlock recorded the following. Actual Units Produced Direct labor rate variance Actual cost of direct labor 16 What were the actual DLHs for the month? A. 10.200 DLHs 10,100 DLHs 10.240 DLHS 10,000 DLHs B. C. D. E. None of the above 5,100 units $120 Unfavorable $184.440
A manufactured product has the following Information for June. Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH @ $16 per DLH 2 DLH@ $12 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH - Standard Hours = AR = Actual Rate SR = Standard Rate Actual Results 58,600 pounds @ $7.20 per pound 16,300 hours @ $16.50 per hour $ 205,500 8,300 units Actual Cost Standard Cost
A company uses a standard costing system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year. $300,000 $276,000 60,000 56,000 56,500 Budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours (denominator hours) Actual direct labor-hours Standard direct labor-hours al1lowed for actual output What is the fixed overhead volume variance? Multiple Cholce $20,000 F $17,500 U $20,000 U MacBook Air 吕口豐
Standard hours per unit of output Standard variable overhead rate The following data pertain to operations for the last month: Actual direct labor-hours Actual total variable manufacturing overhead cost Actual output What is the variable overhead rate variance for the month? Multiple Choice TB MC Qu. 10-202 (Algo) A manufacturing company that has only one product... A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. C $1446 F saved SUGSF 3.80 direct labor-hours $11.15 per direct labor-hour Help 8,700 direct labor-hours $ 95,840 2,100 units Save & Exit
AGL Inc. provided the following data related to the direct labor costs for the current period: Data Related to Direct Labor Costs Data Rate Hours Standard $17.50 12,000 Actual $15.50 14,000 Determine the direct labor cost variance. Group of answer choices -$7,000 favorable -$28,000 favorable $7,000 unfavorable $28,000 unfavorable
The following labor standards have been established for a particular product: Standard labor hours per unit of output 8.7 hours Standard labor rate $18.10 per hour The following data pertain to operations concerning the product for November: Actual hours worked 3,800 hours Actual total labor cost $67,640 Actual output 500 units What is the direct labor rate variance for November?
The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output Standard variable overhead rate The following data pertain to operations for the last month: Actual hours Actual total variable manufacturing overhead cost Actual output What is the variable overhead efficiency variance for the month? Multiple Choice $13,985 U $13,325 U $660 U 6.6 hours $ 13.00 per hour $21,450 F 2,675 hours $ 35,435 250 units
The following labor standards have been established for a particular product: Standard labor-hours per unit of output 8.7 hours Standard labor rate $12.50 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 6,500 hours Actual total labor cost $78,650 Actual output 900 units What is the labor efficiency variance for the month? Multinl e CholcA
The following labor standards have been established for a particular product: Standard labor hours per unit of output Standard labor rate The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 5,700 hours $ 98,610 4.9 hours $17.20 per hour 1,100 units Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.
Use the following data to find the direct labor rate variance if the company produced 3,800 units during the period. Direct labor standard (4 hrs. @ $6.95/hr.) $27.80 per unit Actual hours worked 14,000 Actual rate per hour $7.40
The following data are available for February: Actual direct labor-hours worked ... 6500 hours Standard direct labor rate ...... $8 per hour Labor rate variance .. $2600 favorable The actual direct labor rate for February is:
Alpine Productions uses a standard cost system for recording transactions. Alpine reported the following data for the year ended December 31:Sales revenues: $800,000Cost of goods sold (standard costing): $382,000Selling & administrative expenses: $105,000Variances: Sales revenue variance $4100 F Direct materials cost variance 30 U Direct materials efficiency variance 300 F Direct labor cost variance 65 U Direct labor efficiency variance 10 F Variable overhead cost variance 300 U Variable overhead efficiency variance 80 F Fixed overhead cost variance 430 U Fixed overhead volume variance 100 F What is the net operating income on a standard cost income statement? Group of answer choices $312,665 $421,765 $316,765 $313,000