What would the labor efficiency variance Mona Lisa Industries' standard wage rate is$13.40 per direct labor-hour (DLH), and,according to the standards, each unit ofoutput requires 5.2 DLHs. In June, 3,200units were produced, the actual wage ratewas $13.00 per DLH, and the actual hoursworked were 17,000 DLHS. What would theLabor Efficiency Variance for June berecorded as?

Explanation of Labor Efficiency Variance:The Labor Efficiency Variance (LEV) measures the difference…

Answered: Mona Lisa Industries' standard wage…

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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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?
The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per month. How much is the favorable or unfavorable variance if 14,000 units were produced for a total of $97,000?
Kavallia Company set a standard cost for one item at 328,000; allowable deviation is 14,500. Actual costs for the past six months are as follows: Required: 1. Calculate the variance from standard for each month. Which months should be investigated? 2. What if the company uses a two-part rule for investigating variances? The allowable deviation is the lesser of 4 percent of the standard amount or 14,500. Now which months should be investigated?
Reddy Corporation has collected the following data for the month or June: What is the variable overhead efficiency variance?
Give me answer please
MonaLisa Industries' standard wage rate is $13.40 per direct labor-hour (DLH), and, according to the standards, each unit of output requires 5.2 DLHs. In June, 3,200 units were produced, the actual wage rate was $13.00 per DLH, and the actual hours worked were 17,000 DLHs. What would the Labor Efficiency Variance for June be recorded as?
Mate corporation standerd wage rate solve this question?
need help with this accounting question
Tiktok Corporation has shared the following data about its labor costs for August:Standard wage rate $12.00 per DLHStandard hours 8.8 DLHs per unitActual wage rate $12.50 per DLHActual hours 68,120 DLHsActual output 6,600 unitsQuestion: What is the Labor Efficiency Variance for August would be (label whether favorable or unfavorable; no dollar sign and comma)
What is the labor rate variance for the month?
Omega Corp. has a standard wage rate of $13.00 per direct labor-hour (DLH), and each unit of output requires 4.0 DLHS. In July, 2,500 units were produced, the actual wage rate was $13.25 per DLH, and the actual hours worked were 10,200 DLHS. Compute the Labor Efficiency Variance for July.
Ramona Company has the following labor-related data: Standard labor hours for output: 15,000 hours Standard labor rate: $10 per hour Actual labor rate: $8 per hour Actual labor hours: 17,500 hours Given this data, which one of the following would be included in the single journal entry needed to record Wages Payable and the labor variances? a. credit Labor Efficiency Variance for $25,000 b. debit Labor Rate Variance for $35,000 c. credit Wages Payable for $175,000 d. debit Work-In-Process Inventory for $140,000 e. credit Labor Rate Variance for $10,000 f. credit Labor Rate Variance for $35,000 g. credit Labor Efficiency Variance for $10,000

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