Homework Help is Here – Start Your Trial Now!
Business
Accounting
Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. Actual Cost AH X AR X $ 0 AH X SR X $ 0 0 $ 0 Standard Cost SH X SR X Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) Direct labor (3 hours @ $14 per hour) $ 60 42 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 pounds @ $3.80 per pound) Direct labor (31,500 hours @ $14.10 per hour) $ 524,400 444,150 = AR Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ 138,000 X X AP 3.80 $ 524,400 Price variance Quantity variance Total direct materials variance $ 27,600 AQ 138,000 X SP X 4.00 $ 552,000 $ 27,600 Favorable 0 $ 0 Standard Cost SQ X SP X $ 4.00

Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. Actual Cost AH X AR X $ 0 AH X SR X $ 0 0 $ 0 Standard Cost SH X SR X Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) Direct labor (3 hours @ $14 per hour) $ 60 42 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 pounds @ $3.80 per pound) Direct labor (31,500 hours @ $14.10 per hour) $ 524,400 444,150 = AR Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ 138,000 X X AP 3.80 $ 524,400 Price variance Quantity variance Total direct materials variance $ 27,600 AQ 138,000 X SP X 4.00 $ 552,000 $ 27,600 Favorable 0 $ 0 Standard Cost SQ X SP X $ 4.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. Actual Cost AH X AR X $ 0 AH X SR X $ 0 0 $ 0 Standard Cost SH X SR X
Transcribed Image Text:Compute the direct labor rate variance and the direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. Actual Cost AH X AR X $ 0 AH X SR X $ 0 0 $ 0 Standard Cost SH X SR X
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) Direct labor (3 hours @ $14 per hour) $ 60 42 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 pounds @ $3.80 per pound) Direct labor (31,500 hours @ $14.10 per hour) $ 524,400 444,150 = AR Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ 138,000 X X AP 3.80 $ 524,400 Price variance Quantity variance Total direct materials variance $ 27,600 AQ 138,000 X SP X 4.00 $ 552,000 $ 27,600 Favorable 0 $ 0 Standard Cost SQ X SP X $ 4.00
Transcribed Image Text:Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds @ $4 per pound) Direct labor (3 hours @ $14 per hour) $ 60 42 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 pounds @ $3.80 per pound) Direct labor (31,500 hours @ $14.10 per hour) $ 524,400 444,150 = AR Actual Rate SR Standard Rate AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ 138,000 X X AP 3.80 $ 524,400 Price variance Quantity variance Total direct materials variance $ 27,600 AQ 138,000 X SP X 4.00 $ 552,000 $ 27,600 Favorable 0 $ 0 Standard Cost SQ X SP X $ 4.00
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS