Information on Kimble Company's direct labor costs for the month of January is as follows:Actual direct labor hours34,600Standard direct labor hours35,200Total direct labor payroliDirect labor efficiency variance-favorable$250,850$ 3,960What is Kimble's direct labor rate variance?Multiple ChoiceO $22,490$18,740$20,370$23,000 TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standardcost. TaskMaster has established the following standards for the prime costs of one unit of product.StandardStandardStandardQuantityPriceCostDirect Materials$1.60 per pound$8.00 per hour8 pounds$12.80Direct Labor0.25 hour2.00$14.80During November, TaskMaster purchased 152,000 pounds of direct materials at a total cost of $288,800. Thetotal factory wages for November were $42,000, 90% of which were for direct labor. TaskMaster manufactured16,000 units of product during November using 116,000 pounds of direct materials and 5,000 direct labor hours.What is the direct materials efficiency variance for November?Multiple Choice$34,800$45,600$38,400$19,200

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Description: Information on Kimble Company's direct labor costs for the month of January is as follows:Actual direct labor hours34,600Standard direct labor hours35,200Total direct labor payroliDirect labor efficiency variance-favorable$250,850$ 3,960What is Kimb

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Information on Kimble Company's direct labor costs for the month of January is as follows: Actual direct labor hours 34,600 Standard direct labor hours 35,200 Total direct labor payroli Direct labor efficiency variance-favorable $250,850 $ 3,960 What is Kimble's direct labor rate variance? Multiple Choice O $22,490 $18,740 $20,370 $23,000

Information on Kimble Company's direct labor costs for the month of January is as follows: Actual direct labor hours 34,600 Standard direct labor hours 35,200 Total direct labor payroli Direct labor efficiency variance-favorable $250,850 $ 3,960 What is Kimble's direct labor rate variance? Multiple Choice O $22,490 $18,740 $20,370 $23,000

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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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.

Topic Video

Question

Information on Kimble Company's direct labor costs for the month of January is as follows:
Actual direct labor hours
34,600
Standard direct labor hours
35,200
Total direct labor payroli
Direct labor efficiency variance-favorable
$250,850
$ 3,960
What is Kimble's direct labor rate variance?
Multiple Choice
O $22,490
$18,740
$20,370
$23,000

TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried at standard
cost. TaskMaster has established the following standards for the prime costs of one unit of product.
Standard
Standard
Standard
Quantity
Price
Cost
Direct Materials
$1.60 per pound
$8.00 per hour
8 pounds
$12.80
Direct Labor
0.25 hour
2.00
$14.80
During November, TaskMaster purchased 152,000 pounds of direct materials at a total cost of $288,800. The
total factory wages for November were $42,000, 90% of which were for direct labor. TaskMaster manufactured
16,000 units of product during November using 116,000 pounds of direct materials and 5,000 direct labor hours.
What is the direct materials efficiency variance for November?
Multiple Choice
$34,800
$45,600
$38,400
$19,200

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