Provide correct calculation In a certain standard costing system, thefollowing results occurred last period: totallabor variance, 2000 F; labor efficiencyvariance, 2,800 F; and the actual labor ratewas $.20 more per hour than the standardlabor rate. The number of direct labor hoursused last period was

Step 1: Define Labor Rate VarianceThe labor rate variation counts how much the cost of labor differs…

Answered: In a certain standard costing system,…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 9PB: Ribcos labor cost information for making its only product for March is as follows: A. What is the...

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Given the following information in standard costing: Standard 18,200 hours at $6.20 Actual 18,000 hours at $6.00 What is the direct labor rate variance?
A manager prepared the following table by which to analyze labor costs for the month: Actual hours at Actual rate is P10,000; Actual hours at Standard rate is P9,800 and Standard hours at Standard rate, P 8,820. What variance is P1,180? * idle labor variance labor efficiency variance labor spending variance total labor variance
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost $5 per foot ? per hour Direct materials 3 feet $ 15 Direct labor ? hours ? During March, the company purchased direct materials at a cost of $45,375, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $50,400. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,250 U $ 3,400 U $ 1,000 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of…
A company reports the following information for its direct labor. Actual hours of direct labor used (AH) Actual rate of direct labor per hour (AR) Standard rate of direct labor per hour (SR) Standard hours of direct labor for units produced (SH) 72,000 $ 16 $ 15 73,300 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost Standard Cost
The following data relate to direct labor costs for the current period: Standard costs 6,903 hours at $11.60 Actual costs 6,394 hours at $10.40 What is the direct labor rate variance? a) $13,577 unfavorable b) $7,673 favorable c) 413,577 favorable d) $5,904 favorable
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9. In a certain standard costing system, the following results occurred last period: labour rate variance, $1,000 unfavourable; labour efficiency variance, $2,800 favourable; and the actual labour rate was $0.20 more per hour than the standard labour rate. What number of actual direct labour hours was used last period? Select one: a. 5,400 hours. b. 5,000 hours. c. 4,800 hours. d. 9,000 hours.
A company reports the following Information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = 59,000 $ 16 $ 14 60,100 Compute the direct labor rate and efficiency variances and Identify each as favorable or unfavorable. Actual Cost Standard Cost
The standard number of hours that should have been worked for the output attained is 6,000 direct labor hours and the actual number of direct labor hours worked was 6,300. If the direct labor price variance was $3,150 unfavorable, and the standard rate of pay was $9 per direct labor hour, what was the actual rate of pay for direct labor? Select one: a. $7.50 per direct labor hour b. $8.50 per direct labor hour c. $9.50 per direct labor hour d. $9.00 per direct labor hour e. $9.80 per direct labor hour

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In a certain standard costing system, the following results occurred last period: total labor variance, 2000 F; labor efficiency variance, 2,800 F; and the actual labor rate was $.20 more per hour than the standard labor rate. The number of direct labor hours used last period was