The Smart Garage Company uses standards to control the labour time and labour cost in the shop. The standard labour cost for amotor tune-up follows:JobMotor tune-upStandardHours3Labour rate varianceTotal labour varianceThe record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recallsthat 33 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups:Actual labour-hours$ 98 F104 UStandardRate$6StandardCost$18Required:1. Determine the number of actual labour-hours spent on tune-ups during the week. (Round your answer to the nearest wholenumber.)hours2. Determine the actual hourly rate of pay for tune-ups last week.(Hint. A useful way to proceed would be to work from known to unknown data either by using the variance formulas or by using thecolumnar format shown in Exhibit 11-5.) (Round intermediate calculations to the nearest whole number and final answer to 2 decimalplaces.)

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Description: The Smart Garage Company uses standards to control the labour time and labour cost in the shop. The standard labour cost for amotor tune-up follows:JobMotor tune-upStandardHours3Labour rate varianceTotal labour varianceThe record showing the time sp

Variance analysis is one of the tools used for management accounting. Under this, standard costs are…

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ne-up follows: Job tune-up Standard Hours 3 r rate variance labour variance d: ord showing the time spent in the shop last week on motor tune-u une-ups were completed during the week, and the controller reca Standard Rate $6 $ 98 F 104 U Standard Cost $18

ne-up follows: Job tune-up Standard Hours 3 r rate variance labour variance d: ord showing the time spent in the shop last week on motor tune-u une-ups were completed during the week, and the controller reca Standard Rate $6 $ 98 F 104 U Standard Cost $18

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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TB MC Qu. 14-67 (Static) The actual direct labor rate per hour (AP) for February: Lucky Company Lucky Company's direct labor information for the month of February is as follows: Actual direct labor hours worked (AQ) Standard direct labor hours allowed (SQ) Total payroll for direct labor Direct labor efficiency variance The actual direct labor rate per hour (AP) for February was: Multiple Choice. O O O O $12.60. $13.20. $12.30. $12.00. $13.50. 61,500 63,000 $ 774,900 $ 18,000