Labor Rate Variance Analysis Labor Standard Value Standard Labor Hours per Unit 2 hours Standard Labor Rate $20 per hour Production Data Value Actual Hours Worked 6,200 hours Actual Total Labor Cost $130,200 Actual Output 3,100 units

Labor Rate Variance Analysis Labor Standard Value Standard Labor Hours per Unit 2 hours Standard Labor Rate $20 per hour Production Data Value Actual Hours Worked 6,200 hours Actual Total Labor Cost $130,200 Actual Output 3,100 units

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 1PB: Direct materials and direct labor variance analysis Lenni Clothing Co. manufactures clothing in a...

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Question

Subject: general Accounting question

Labor Rate Variance Analysis
Labor Standard
Value
Standard Labor Hours per Unit 2 hours
Standard Labor Rate
$20 per hour
Production Data
Value
Actual Hours Worked
6,200 hours
Actual Total Labor Cost $130,200
Actual Output
3,100 units

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Dirickson Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit of Output Inputs Standard Price or Rate Direct materials $ 9.40 per ounce $ 18.00 per hour $ 5.30 per hour 7.6 ounces Direct labor 0.10 hours Variable manufacturing overhead 0.10 hours The company has reported the following actual results for the product for July: Actual output 7,600 units Raw materials purchased 63,000 ounces Actual cost of raw materials purchased $ 541,800 Raw materials used in production 57,750 ounces Actual direct labor-hours 820 hours $ 16,072 $ 4,592 Actual direct labor cost Actual variable overhead cost The labor efficiency variance for the month is closest to: