Madrid Co. has a direct labor standard of 6 hours per unit of output. Each employee has a standard wage rate of $13.80 per hour. During February, Madrid Co. paid $99,500 to employees for 8,300 hours worked. 1,430 units were produced during February. What is the direct labor efficiency variance?

Madrid Co. has a direct labor standard of 6 hours per unit of output. Each employee has a standard wage rate of $13.80 per hour. During February, Madrid Co. paid $99,500 to employees for 8,300 hours worked. 1,430 units were produced during February. What is the direct labor efficiency variance?

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...

See similar textbooks

Related questions

Q: MCQ

A: Explanation of Real-Time Accounting:Real-time accounting refers to the continuous recording and…

Q: ?? Financial accounting question

A: Step 1: Accounts Receivable Turnover RatioThe Accounts Receivable Turnover Ratio measures how…

Q: General Account

A: 1. Calculate Dividend YieldFormula: Dividend Yield = (Dividend per Share / Initial Share Price) *…

Q: Solve

A: Explanation of Net Sales:Net sales refer to the total revenue generated by a company after deducting…

Q: None

A: If David sells 100 T-shirts, his profit would be 500 dollars.

Q: No incorrect answer

A: To determine the estimated net annual savings from implementing the lockbox system, follow these…

Q: Correct Answer

A: Explanation of Forensic Accounting:Forensic accounting is a specialized area of accounting that…

Q: financial accounting question

A: Explanation: The decision to build the community center can be made by calculating the benefit-cost…

Q: Ramsey Corp. reported the following balances at the end of the year: Credit Sales: $275,000 Accounts…

A: Detailed explanation:Given:Net Sales, $ 275000Accounts Receivable balance, $ 68000Allowance for…

Q: Total cost of the job ? General accounting question

A: Step 1: Define Total CostThe total manufacturing cost of a product refers to different kind of…

Q: What is the expected return on the stock on these financial accounting question please give me true…

A: The question requires the determination of the expected return on stock. The expected return…

Q: please solve

A: Problem Recap:The following information is provided:Net Sales: $630,000Cost of Goods Sold (COGS):…

Q: Get correct answer this financial accounting question

A: Step 1: Define Future ValueThe future value (FV) of an investment is the amount of money that will…

Q: None

A: Step 1: Definition of Cost of Goods Sold (COGS)The Cost of Goods Sold (COGS) is the total cost of…

Q: What are the annual sales for smith industries on these financial accounting question?

A: Step 1: Define Asset Turnover RatioThe Asset Turnover Ratio is a financial metric that measures how…

Q: Can you help me with accounting questions

A: Step 1: Definition of Predetermined Overhead RateThe Predetermined Overhead Rate (POHR) is a rate…

Q: NO WRONG ANSWER

A: Explanation: In the given case, we are required to calculate the amount of contribution margin from…

Q: What is the nominal cost of trade credit if the terms are 4/10, net 45 assuming that customers…

A: 4/10, net 45: This means the customer gets a 4% discount if they pay within 10 days. Otherwise, the…

Q: I need help with question is correct answer accounting

A: Step 1: Given Value for Calculation Compound = Monthly = 12Time = t = 3 * 12 = 36 monthsInitial…

Q: Target leval of opereting income? Accounting

A: Step 1: Definition of Operating Leverage FactorThe operating leverage factor measures how sensitive…

Q: What is the total sales volume variance in terms .

A: Explanation of Sales-Volume Variance:Sales-volume variance measures the difference between the…

Q: 5 PTS

A: Explanation of Finance Lease: A finance lease (also known as a capital lease) is a long-term lease…

Q: Please give me true answer this financial accounting question

A: Step 1: Define CAPMCAPM stands for the capital asset pricing model, which is a common approach to…

Q: incorrect solution will get unhelpful rate

A: To calculate the profit for Doctor E. for 11,900 leukemia blood analyses:Revenue per analysis:…

Q: Precious Metal Mining has $12 million in sales, its ROE is 12%, and its total assets turnover is 4…

Q: If you give me correct answer this financial accounting question I will give you helpful rate

A: Step 1: Define Dividend YieldDividend yield calculates the dividend generating capability of common…

Q: Please need answer the general accounting question

A: To determine the full cost of the product for Trellis Manufacturing, we need to include all cost…

Q: No WRONG ANSWER

A: The question is asking about the net annual savings that Cross Collectibles would achieve by…

Q: Financial Accounting

A: To estimate the Earnings Per Share (EPS) over the last four quarters, we use the formula:EPS=Stock…

Q: I need step by step solution and accounting

A: KEY CONCEPTS:1. EPS (Earnings Per Share): * Represents a company's profit divided by its…

Q: Accounting

A: Concept of Discount RateThe discount rate in factoring is the percentage deducted from the total…

Q: ACCOUNT

A: Correct Answer:a. is employed with an existing job order costing or process costing system and is…

Q: None

A: To determine the difference in an investor's retirement account when investing at the beginning of…

Q: General Accounting

A: Step 1: Define High-Low MethodThe High-Low Method is a cost estimation technique used to separate…

Q: Calculate the earned revenue as of December 31, 2013

A: Explanation of Earned Revenue:Earned revenue refers to the portion of income that a business…

Q: Please solve this question general accounting

A: Step 1: Define LiabilitiesLiabilities refer to the amount owed by a company. The liabilities are…

Q: General accounting

A: Step 1: Equity MultiplierThe equity multiplier is a financial ratio to measure the relationship…

Q: What is the gearing ratio on these financial accounting question?

A: Step 1: Define Gearing RatioThe gearing ratio is a financial ratio that compares a company's debt to…

Q: What is the amount of the gross profit

A: Step 1: Definition of Gross ProfitGross profit is the difference between total revenue (sales) and…

Q: What is the amount of cash collection in may ?

A: Step 1: Definition of Cash CollectionsCash collections refer to the cash received from customers in…

Q: How much interest did the bank collect for the company ?

A: To determine how much interest the bank collected for the company, we need to analyze the bank…

Q: Kindly help me with this question general Accounting question

A: Step 1: Define Reorder PointThe reorder point (R) is the inventory level at which a company should…

Q: Accounting question

A: Step 1: Define Salary PayableSalary payable is a current liability account that represents the total…

Q: Calculate the amount of cash Trump general accounting

A: Step 1: Definition of Cash Collected from CustomersCash collected from customers represents the…

Q: Arlington Corp. has determined a standard direct materials cost per unit of $7.50 (2.5 feet at $3.00…

A: Explanation: The formula for calculating Direct material price variance is as follows:Direct…

Q: ?!

A: Here's how to calculate Hassan's Madhatter's total assets: 1. Calculate Net Income:Given: Profit…

Q: Find correct answer please general accounting

A: Step 1: Definition of Investing ActivitiesInvesting activities include cash inflows and outflows…

Q: Financial accounting 3.4

A: To calculate the percentage capital gain, we need to find the change in the price of the shares and…

Q: Provide answer general accounting

A: Step 1: Definition of Operating Cash Flow (OCF)Operating Cash Flow (OCF) represents the cash…

Q: Contribution margin ratio?

A: Step 1:The contribution margin per unit is calculated as follows: Contribution margin per passenger…

Question

100%

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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?
If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of capacity the next month, will a different cost per unit be charged to the work-in-process account each month for factory overhead assuming that a predetermined annual overhead rate is used?
Queen Industries uses a standard costing system in the manufacturing of its single product. It requires 2 hours of labor to produce 1 unit of final product. In February, Queen Industries produced 12,000 units. The standard cost for labor allowed for the output was $90,000, and there was an unfavorable direct labor time variance of $5,520. A. What was the standard cost per hour? B. How many actual hours were worked? C. If the workers were paid $3.90 per hour, what was the direct labor rate variance?
Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The standard variable manufacturing overhead (M0H) rate used by the company is $6.75 per machine hour. Each sewing machine requires 13.5 machine hours. Actual machine hours used last month were 33,500, and the actual variable MOH rate last month was $7.00. Calculate the variable overhead rate variance and the variable overhead efficiency variance.
At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?
Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven by the estimated 25,000 direct labor hours. It manufactures three products and estimates the following costs: If the labor rate is $30 per hour, what is the per-unit cost of each product?
Madrid Co. has a direct labor standard of 6 hours per unit of output. Each employee has a standard wage rate of $13.80 per hour. During February, Madrid Co. paid $99,500 to employees for 8,300 hours worked. 1,430 units were produced during February. What is the direct labor efficiency variance? Solve the problem
Madrid Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $11.00 per hour. During February, Madrid Co. paid $99,500 to employees for 9,200 hours worked. 2,430 units were produced during February. What is the direct labor efficiency variance? (a) $1,700 favorable (b) $5,720 favorable (c) $852 favorable (d) $7,420 favorable
Tutor give me answer
Selby Industries has a standard requirement of 4 direct labor hours for each unit produced and pays $12 per hour. During the last month, the company produced 1,200 units of its product and paid a total of $60,480 in direct labor wages. The labor efficiency variance was $720 favorable. What was the direct labor rate variance? Help
Whitman has a direct labor standard of 2 hours per unit of output. Each employee has a standard wage rate of $24.50 per hour. During July, Whitman paid $189,800 to employees for 8,930 hours worked. 4,790 units were produced during July. What is the direct labor efficiency variance? Multiple Choice $15,925 favorable $44,910 favorable $28,985 unfavorable $28,985 favorable