I need help answerind a b and c Lewis Company's standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $12.10 per hour. DuringAugust, 44,000 hours of labor are incurred at a cost of $12.30 per hour to produce 13,500 units of Product DD.(a)Compute the total labor variance.Total labor variance$Unfavorable(b)Compute the labor price and quantity variances.Labor price variance2$UnfavorableLabor quantity variance$Unfavorable(c)Compute the labor price and quantity variances, assuming the standard is 3.40 hours of direct labor at $12.45 per hour.Labor price variance$FavorableLabor quantity variance$Favorable

Total Labor Variance = ( AH * AR - SR * SH ) Labor Price Variance = ( SR - AR ) * AH Labor Quantity Variance = ( SH - AH) * SR Labor Price Variance = ( SR - AR ) * AH Labor Quantity Variance = ( SH - AH ) * SR

Business

Accounting

Lewis Company's standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $12.10 per hour. During August, 44,000 hours of labor are incurred at a cost of $12.30 per hour to produce 13,500 units of Product DD. (a) Compute the total labor variance. Total labor variance 2$ Unfavorable (b) Compute the labor price and quantity variances. Labor price variance $ Unfavorable Labor quantity variance 2$ Unfavorable (c) Compute the labor price and quantity variances, assuming the standard is 3.40 hours of direct labor at $12.45 per hour. Labor price variance 2$ Favorable Labor quantity variance $ Favorable

Lewis Company's standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $12.10 per hour. During August, 44,000 hours of labor are incurred at a cost of $12.30 per hour to produce 13,500 units of Product DD. (a) Compute the total labor variance. Total labor variance 2$ Unfavorable (b) Compute the labor price and quantity variances. Labor price variance $ Unfavorable Labor quantity variance 2$ Unfavorable (c) Compute the labor price and quantity variances, assuming the standard is 3.40 hours of direct labor at $12.45 per hour. Labor price variance 2$ Favorable Labor quantity variance $ Favorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of the following orders allows for partial execution?

A: FOK (Fill or Kill Order): This type of order allows being executed immediately at the specified…

Q: What is the purpose of EDI?

A: Transparency in electronic data exchange: Expanding EDI enables suppliers to get access to a buyer's…

Q: can you also explain what part is a. b. and c. please

A: A budget is an estimate of amount which is prepared by the management for various planning and…

Q: Having a probllem with T -Accts . Please help

A: The t-accounts are as follows:

Q: incorfrect please redo with a accurate answer

A: Molding FabricationMachine Hours $ 2,500.00 $ 1,500.00Fixed Manufacturing Overhead cost $…

Q: Please correct the aswer

A: The current yield of the bond is referred to as the relationship between the annual coupon amount…

Q: What is the meaning of V MFG Ohs, V S&A Ohs, F MFG Ohs snd F S&A Ohs on the chat answer

A: V MFG Ohs, V S&A Ohs, F MFG Ohs and F S&A Ohs, these are the short form some of the titles…

Q: What is the after announcment? This is from question a.

A: Debt Value = $2,700,000Current Debt-to-equity ratio = 30%Increased Debt-to-equity ratio = 50%EBIT =…

Q: How to calculate PMT, P/Y and C/Y

A: As per the given information: The time value of money concept states that earlier receipts are more…

Q: What would the entry be for the letter H.?

Q: is part b answered in this?

A: Ledger posting. : When any transaction is made journal entry is passed, after that those entries are…

Q: How do I add an excersise to my qbw?

A: Exercise can add to QBW by open up the exercise that we wish to add to our workout by going to…

Q: 7. The ultimate control of the corporation rests with the board of directors.

A: Introduction:- Board of directors:- Board of directors play vital role in every organization for…

Q: What the agi

A: AGI means Adjusted Gross Income. It is the total income on which income tax payable would be…

Q: ansawer

A: Where a partnership itself is generally not subject to income tax, individual partners (including…

Q: Could I also get the results for part D. through F.

A: The process of accounting for expenses involved in the manufacture of items is known as…

Q: This focuses on what happens. a. Technical analysis b. Fundamental analysis c. Both fundamental and…

A: Technical analysis focus on the movement of the stock price and use that data to predict the future…

Q: Describe about the NOL.

A: NOL means Net Operating Loss. This is a situation when company's deductions are more than it's…

Q: (d) On what basis should management select from these two methods to depreciate the machine? Justify…

A: The management should opt for reducing balance method of depreciation for the above scenario: This…

Q: Question D is incorrect. Can you check the answer

A: Here discuss about the details of the taxable income and income tax which are incurred with the tax…

Question

I need help answerind a b and c

Lewis Company's standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $12.10 per hour. During
August, 44,000 hours of labor are incurred at a cost of $12.30 per hour to produce 13,500 units of Product DD.
(a)
Compute the total labor variance.
Total labor variance
$
Unfavorable
(b)
Compute the labor price and quantity variances.
Labor price variance
2$
Unfavorable
Labor quantity variance
$
Unfavorable
(c)
Compute the labor price and quantity variances, assuming the standard is 3.40 hours of direct labor at $12.45 per hour.
Labor price variance
$
Favorable
Labor quantity variance
$
Favorable

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 4 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

how do you calculate the answers for question a
please help me
can you solve by ansewring the question'a in a fromual.
Problem 9-25 Fudge factors An oil company executive is considering investing $10.1 million in one or both of two wells: well 1 is expected to produce oil worth $3.01 million a year for 10 years; well 2 is expected to produce $2.01 million for 15 years. These are real (inflation-adjusted) cash flows. The beta for producing wells is 0.91. The market risk premium is 9%, the nominal risk-free interest rate is 7%, and expected inflation is 3%. The two wells are intended to develop a previously discovered oil field. Unfortunately there is still a 21% chance of a dry hole in each case. A dry hole means zero cash flows and a complete loss of the $10.1 million investment. Ignore taxes and make further assumptions as necessary. a. What is the correct real discount rate for cash flows from developed wells? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Real discount rate b. The oil company executive proposes to add 20 percentage points to the…
Can you make QBI easier to understand? Can you say what the steps are?
Explains the difference if we prioritize Information Systems (A) first.
D nctions Question 10 Use the diagram below to find each of the following: sine of point a • cose of point b • tane of point c d e
What is APR?
provide answer with explantion
Please answer G part with explanation. Answer was incoorect in previous solution
what is a P&L
please answer this which is part C