National manufacturing firm pays wages using Taylor's differential piece rate system. Standard time allowed is 36 units per hour. Normal time rate per hour is OMR 72.000 Number of working hours in a day is 8 hours Differentials to be applied: 80% of Piece rate below standard. 120% of Piece rate at or above standard Name of the employee Units produced Alya 288 Basheera 322 Dhiya 238 Fatima 195 Halima 280 Based on the above information answer the following questions: (convert decimal to the full amount) The earnings of Alya is OMR; The earnings of Basheera is OMR; The earnings of Dhiya is OMR; The earnings of Fatima is OMR; The earnings of Halima is OMR;

National manufacturing firm pays wages using Taylor's differential piece rate system. Standard time allowed is 36 units per hour. Normal time rate per hour is OMR 72.000 Number of working hours in a day is 8 hours Differentials to be applied: 80% of Piece rate below standard. 120% of Piece rate at or above standard Name of the employee Units produced Alya 288 Basheera 322 Dhiya 238 Fatima 195 Halima 280 Based on the above information answer the following questions: (convert decimal to the full amount) The earnings of Alya is OMR; The earnings of Basheera is OMR; The earnings of Dhiya is OMR; The earnings of Fatima is OMR; The earnings of Halima is OMR;

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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2. During the month, 1,200 units of Product LTK were produced. Actual direct labor hour required was 600 direct labor hours at an actual cost of P6,060. According to the standard cost card for the product, 0.6 of labor hour should be required for each unit of the product produced. Standard cost is P10 per labor hour. The standards were based on production level of 1,100 units. Compute the following (show your solution): a. Budgeted labor hours b. Budgeted labor cost c. Actual labor rate d. Standard labor hours e. Standard labor cost f. Total labor cost variance g. Rate variance h. Efficiency variance
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Labour data for making one unit of finished product in Waterway Company are as follows: (1) Price-hourly wage rate $10.00, payroll taxes $0.80, and fringe benefits $1.60. (2) Quantity-actual production time 1.40 hours, rest periods and cleanup 0.50 hours, and set-up and downtime 0.40 hours. Calculate the following: (Round calculations and final answers to 2 decimal places, e.g. 15.25.) a. Standard direct labour rate per hour $enter a dollar amount rounded to 2 decimal places b. Standard direct labour hours per unit enter a number of hours rounded to 2 decimal places hours c. Standard labour cost per unit Senter a dollar amount rounded to 2 decimal places
Assume the following information appears in the standard cost card for a company that makes only one product: Standar Quantity or Hours Standar Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 16.90 per hour $ 33.80 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. What is the direct labor rate variance?
A unit of cake uses various direct materials, direct labor and indirect manufacturing costs. Indirect costs use a rate of direct labor hours. Data:each cake consumes 10 ounces of materials at a negotiated cost of 0.05.each employee takes 0.10 of an hour to produce a cake.employee rate= $10.00 (for each quarter)variable costs= $16,000fixed costs = $116,000labor hours for four quarters of the year = 8,197 Calculate the estimated total cost of manufacturing one unit of cake. Prepare a cost per unit budget
A company is setting its direct materials and direct labor standards for its leading product. Direct materials cost from the supplier are $9 per square foot, net of purchase discount. Freight-in amounts to $0.40 per square foot. Basic wages of the assembly line personnel are $14 per hour. Payroll taxes are approximately 21% of wages. Benefits amount to $2 per hour. How much is the direct materials cost standard per square foot? OA. $16.00 OB. $9.40 OC. $9.00 OD. $25.00
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Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
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A factory manufactures three components: A, B and C. Last week the following was recorded: Number of Labour Grade Employees Rate per hour Individual hours worked I 16 4 40 II 28 3.2 42 III 14 2.8 40 IV 10 1.6 44 Output and standard times during the same week were as follows: Components Output Standard minute(each) A 454 30 В 950 54 C 580 66 The normal working week is 136,800 seconds. Overtime is paid at a premium of 50% of the normal hourly rate. A group incentive scheme is in operation. A bonus is paid for time saved (i.e. where actual production time is less than the standard time allowed). The time saved is expressed as a percentage of hours worked and is shared between the groups as a proportion of the hours worked by each grade at a rate of 75% of the normal hourly rate. Required: a) What are the differences between time rate system and piece rate system? b) What do you understand by Incentive scheme of wage payment? c) Calculate the total payroll showing the basic pay, overtime…