Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard direct labor hours (DLHs) per unit of product 2.0 Budgeted finished units for the period 6,700 Actual number of finished units produced 5,500 Standard wage rate per direct labor hour (SP) $ 27.00 Direct labor costs incurred $ 300,000 Actual wage rate per direct labor hour (AP) $ 25.00 The direct labor rate variance for October was

Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard direct labor hours (DLHs) per unit of product 2.0 Budgeted finished units for the period 6,700 Actual number of finished units produced 5,500 Standard wage rate per direct labor hour (SP) $ 27.00 Direct labor costs incurred $ 300,000 Actual wage rate per direct labor hour (AP) $ 25.00 The direct labor rate variance for October was

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Standard direct labor hours (DLHs) per unit of product	2.0
Budgeted finished units for the period	6,700
Actual number of finished units produced	5,500
Standard wage rate per direct labor hour (SP)	$ 27.00
Direct labor costs incurred	$ 300,000
Actual wage rate per direct labor hour (AP)	$ 25.00

Similar questions

Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided the following information for the month of February:
Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard direct labor hours per unit of product 2.0 Budgeted finished units for the period 6,800 Actual number of finished units produced 5,200 Standard wage rate per direct labor hour (SP) $ 28.00 Direct labor costs incurred $ 299,000 Actual wage rate per direct labor hour (AP) $ 26.00 The direct labor rate variance for October, rounded to the nearest dollar, was: Multiple Choice $23,000 favorable. $51,200 unfavorable. $2,200 unfavorable. $20,400 favorable. $30,800 unfavorable.
The following information refers to the Finishing Department of Tom Company for the fourth quarter: Total actual Overhead 178,500 Budgeted Allowance Formula 110,000 plus 0.50 per direct labor hour Predetermined factory overhead rate 1.50 per direct labor hour Spending variance 8,000 unfavorable Efficiency variance 9,000 unfavorable The total factory overhead is divided into three variances – spending, idle capacity and efficiency. Compute for the actual direct labor hours worked in the finishing department during the fourth quarter. Indicate if favorable or unfavorable.
please help me
Please help me with show all calculation thanku
Information on Skymaster Company’s direct labor costs for the month of January follows: Actual direct labor rate $7.50 Standard direct labor hours allowed 11,000 Actual direct labor hours 10,000 Direct labor rate variance—favorable $5,500 What was the standard hourly direct labor rate in effect for the month of January?
Jackson Framing's cost formula for its supplies cost is $1,250 per month plus $14 per frame. For the month of December, the company planned for activity of 819 frames, but the actual level of activity was 822 frames. The actual supplies cost for the month was $12,580. The spending variance for supplies cost in November would be closest to: O $178 F $136 U O $178 F O $136 U
Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The labor rate variance for June is: Standard Price or Rate $ 2.00 per ounce $23.00 per hour $ 6.00 per hour 2,700 units 2,800 units 19,380 ounces 21,400 ounces 500 hours $ 40,660 $ 12,050 $ 3,100 Standard Cost Per Unit $ 13.00 $ 4.60 $ 1.20 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The Diamond Manufacturing Company uses a standard cost system for and applies overhead based on machine hours. The following information is available for June: Standard: Machine hours (MH) per unit 2 Fixed overhead rate per MH $5.00 Budgeted fixed overhead $25,000 Actual: Machine hours 4,800 Fixed overhead $26,200 Units produced 2,600 Calculate the fixed overhead budget variance and volume variance for the month of June.
Annie's Homemade's cost formula for salaries and wages includes managers' salaries of $7,000 per month plus wages of $8.00 per employee labor-hour. In August, Annie's expected to staff 700 employee labor-hours, but actually staffed 780 labor-hours. Required: Calculate the salaries and wages activity variance for August. X Answer is not complete. Salaries and wages activity variance would be Unfavorable