LO2E8-7 Computing Labor VariancesSimilar to Recall and Review 1LIFT Inc. manufactures garage doors for homes. The standard quantity of direct labor tomanufacture a door is 4.5 hours. The standard hourly wage in this department is $12.50per hour. During August, 6,100 doors were produced. The payroll records indicate that31,110 hours were worked at a total cost for payroll of $411,274.20.Calculate the following:1.Labor rate variance.2. Labor efficiency variance.3.Net labor variance.

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...

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Escuchar Products, a producer of DVD players, has established a labor standard for its productdirect labor: 2 hrs at 9.65 per hour. During January, Escuchar produced 12,800 DVD players. The actual direct labor used was 25,040 hours at a total cost of 245,392. Required: 1. Compute the labor rate and efficiency variances. 2. Prepare journal entries for all activities relating to labor.
Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
MinnOil performs oil changes and other minor maintenance services on cars and trucks. The company advertises that all services are performed within 15 minutes each. On a recent Saturday, 160 cars were serviced, resulting in the following labor variances: rate, 19 unfavorable; efficiency (time), 14 favorable. If MinnOils standard labor rate is 7 per hour, determine the actual wage rate per hour and the actual hours worked.
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At the end of the year, Ilberg Company provided the following actual information: Overhead Direct labor cost $423,600 549,200 Ilberg uses normal costing and applies overhead at the rate of 80% of direct labor cost. At the end of the year, Cost of Goods Sold (before adjusting for any overhead variance) was $1,815,000. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. X Open spreadsheet Required: 1. Calculate the overhead variance for the year. 4,720 X overapplied 2. Dispose of the overhead variance by adjusting Cost of Goods Sold. Adjusted COGS: $ 1,920,280 ×
Cotton On Manufacturing Company had remaining credit balance of P10,000 in its factory overhead account at year end. It also had the year-end balances in the following accounts: Work in Process P250,000 150,000 850,000 Finishehd Goods Cost of goods sold 17. Assuming the credit balance of factory overhead is closed to cost of goods sold, what is the balance of cost of goods sold after closing the variance?
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immy Author Company has the following data for the past year: Actual overhead $512,000 Applied overhead: Work-in-process inventory $125,000 Finished goods inventory 170,000 Cost of goods sold 150,000 Total $445,000 Calculate the overhead variance for the year and close it to cost of goods sold. Provide all the details and working outs.
Quality Motor Company established the standard labor cost for a motor tune-up shown below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.5 $ 25.00 $ 62.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls 50 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 150 F Labor spending variance $ 200 U Required: Determine the number of actual labor-hours spent on tune-ups during the week. Determine the actual hourly pay rate for tune-ups last week
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