Please help me compute the total labor variance for April which is number 48 only. Mindanao Enterprises uses standard costing. For the monthcompany reported the following data:I. Standard direct labor rate: P10 per hourII. Standard hours allowed for actual production: 8,000III. Actual direct labor rate: P9.50 per hourIV. Labor efficiency variance: P4,800 favorableNote: F denotes favorable and U denotes unfavorable47. The labor rate variance for April is48. The total labor variance for April is

Labor efficiency variance = (Actual hours worked - Standard hours allowed)*Standard rate per hour…

Answered: Mindanao Enterprises uses standard…

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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Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead Applied overhead: Work-in-process inventory Finished goods inventory Cost of goods sold Total $402,000 $88,000 176,000 176,000 $440,000 Warner uses the overhead control account to accumulate both actual and applied overhead.
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All standard costing methods use the predetermined overhead rate to apply factory overhead. This is based on an estimated amount that is calculated during the budgeting process at the beginning of the year. Therefore, there will almost always be a variance between the factory overhead that is applied and the actual factory overhead that is accumulated. These variances should be a minimal amount, but may sometimes be material. Therefore, it is important that an accountant find the cause of the variance, so as not to repeat it. Determining the reasons for variances is an important part of the overall process of variance analysis. Certain causes are commonly attributed to specific variances. Match each reason with the variance(s) it commonly creates. Each numbered item has one or more correct answer(s). Each lettered item may be used once, more than once, or not at all. A change in the quality of materials purchased A new supplier contract Error in the accounting records Change in…
Subject: accounting
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For the month of April, compute the variances, indicating whether it is favorable (F) or unfavorable (U) Q.Production-volume variance.
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost
The details regarding Labour force engaged in a work scheduled to be completed in 30 hours are as follows:- The work is actually completed in 32 hours. Calculate Labour Variances. Show your working clearly.
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