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

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