20Kid Trax located in Madison, Wisconsin manufactures electric riding vehicles forchildren. The following information relates to the direct labor at Kid Trax forMarch:Labor cost per hourLabor hours per unit producedSR = standard labor rate per hourAH = actual hours workedActualStandard$18.00 $ 17.501.5During March, KidTRax produced 2,100 vehicles. What is Kidtrax's labor efficiency variance forMarch?Labor Rate Variance = (AR-SR) * AHAR= actual labor rate per hourMultiple ChoiceLabor Efficiency Variance = (AH-SH) SRAH = actual hours workedSH= standard hours of labor for the actual level of productionSR standard labor rate per hour1.4 20Kid Trax located in Madison, Wisconsin manufactures electric riding vehicles forchildren. The following information relates to the direct labor at Kid Trax forMarch:Labor cost per hourLabor hours per unit producedSR = standard labor rate per hourAH = actual hours workedActualStandard$18.00 $ 17.501.5During March, KidTRax produced 2,100 vehicles. What is Kidtrax's labor efficiency variance forMarch?Labor Rate Variance = (AR-SR) * AHAR= actual labor rate per hourMultiple ChoiceLabor Efficiency Variance = (AH-SH) SRAH = actual hours workedSH= standard hours of labor for the actual level of productionSR standard labor rate per hour1.4

Name: 20Kid Trax located in Madison, Wisconsin manufactures electric riding
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Description: 20Kid Trax located in Madison, Wisconsin manufactures electric riding vehicles forchildren. The following information relates to the direct labor at Kid Trax forMarch:Labor cost per hourLabor hours per unit producedSR = standard labor rate per hourA

The labor efficiency variance measures an organization's capacity to use labor in accordance with…

Business

Accounting

Kid Trax located in Madison, Wisconsin manufactures electric riding vehicles for children. The following information relates to the direct labor at Kid Trax for March: Labor cost per hour Labor hours per unit produced Labor Rate Variance = (AR-SR) * AH AR= actual labor rate per hour SR standard labor rate per hour AH = actual hours worked During March, KidTRax produced 2,100 vehicles. What is Kidtrax's labor efficiency variance for March? Labor Efficiency Variance = (AH-SH) SR AH = actual hours worked Actual Standard $18.00 $ 17.50 1.5 Multiple Choice SH= standard hours of labor for the actual level of production SR standard labor rate per hour 1.4

Kid Trax located in Madison, Wisconsin manufactures electric riding vehicles for children. The following information relates to the direct labor at Kid Trax for March: Labor cost per hour Labor hours per unit produced Labor Rate Variance = (AR-SR) * AH AR= actual labor rate per hour SR standard labor rate per hour AH = actual hours worked During March, KidTRax produced 2,100 vehicles. What is Kidtrax's labor efficiency variance for March? Labor Efficiency Variance = (AH-SH) SR AH = actual hours worked Actual Standard $18.00 $ 17.50 1.5 Multiple Choice SH= standard hours of labor for the actual level of production SR standard labor rate per hour 1.4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Can you show me how this is done? How do I know if it is favorable or unfavorable? Bailey’s standard labor cost of producing one unit of Product DD is 1.8 hours at a rate of $10.1 per hour. During August, 2,515 hours were incurred at a cost of $12.9 per hour to produce 1,087 units of Product DD. Bailey’s direct labor efficiency variance is $__________ Indicate the amount and whether it is Favorable or Unfavorable by placing F or U by amount, do not skip a space and do not use $ in your answer. For example, if your answer is $1,000 favorable, answer 1000F Selected Answer: -5,639.84U Correct Answer: 5,640 ± 1 (U)
Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours Standard. Quantity 0.6 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 24,900 $ 9,480 15,900 Standard Rate $0.80 Standard Unit Cost $0.48 Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
Verde Company produces wheels for bicycles. During the year, 660,000 wheels were produced. The actual labor used was 368,000 hours at $9.20 per hour. Verde has the following labor standards: 1) $10.20 per hour; 2) 0.5 hour per wheel. REQUIRED 1. Compute the labor rate variance. 2. Compute the labor efficiency variance.
A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate
lion athletics company manufactures commuter bicycles from recycled materials. the following data for october are available: quantity of direct labor used- 5,000 hours actual rate for direct labor- $22.75 per hour bicycles completed in october- 800 bicycles standard direct labor per bicycle- 6 hours standard rate for direct labor- $24 per hour NOW FIND: direct labor rate variance: direct labor time variance: total direct labor cost variance:
None
Total Labor VarianceRefer to the information for Tico Inc. on the previous page.Required:Calculate the total variance for production labor for the month of April. Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.03hour. During the month of April, 900,000 bottles were produced using 25,200 labor hours@ $15.00. The standard wage rate is $13.50 per hour.
Bulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate The variable overhead efficiency variance for July is: Multiple Choice The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. о C Standard Quantity or Hours 5.2 grams 0.7 hours 0.7 hours $851 F $874 U $874 F $851 U Standard Price or Rate $2.70 per gram $28.00 per hour. $ 3.70 per hour 4,700 units 13,070 grams 3,060 hours 13,800 grams $2.90 per gram $ 13.10 per hour $ 3.80 per hour.
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