-Newbill Enterprises recently used 24,000 labor hours to produce 8,600 completed units. According to manufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The company's actual payroll cost amounted to 5456,000. If the standard labor cost per hour is S19.20, Newhart's labor rate variance is: $1.920U. $1,920F. $4,800U. $4,800F.JANSWER) none of the other answers are correct.

-Newbill Enterprises recently used 24,000 labor hours to produce 8,600 completed units. According to manufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The company's actual payroll cost amounted to 5456,000. If the standard labor cost per hour is S19.20, Newhart's labor rate variance is: $1.920U. $1,920F. $4,800U. $4,800F.JANSWER) none of the other answers are correct.

Name: -Newbill Enterprises recently used 24,000 labor hours to produce 8,60
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: -Newbill Enterprises recently used 24,000 labor hours to produce 8,600 completed units. According tomanufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The company's actualpayroll cost amounted to $456,000. If the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Flounder Company estimates that it will produce 6,000 units of product IOA during the current month. Budgeted variable manufacturing costs per unit are direct materials $8, direct labor $13, and overhead $19. Monthly budgeted fixed manufacturing overhead costs are $7,700 for depreciation and $3,700 for supervision. In the current month, Flounder actually produced 6,500 units and incurred the following costs: direct materials $44,976, direct labor $76,400, variable overhead $122,094, depreciation $7,700, and supervision $3,959. Prepare a static budget report. Hint: The Budget column is based on estimated production while the Actual column is the actual cost incurred during the period. (List variable costs before fixed costs.) FLOUNDER COMPANY Static Budget Report ÷ Budget Actual $ +A Difference Favorable Unfavorabl
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) $ 6.00 Direct labor (2 hours @ $12 per hour) $ 24.00 During the period, the company produced and sold 32,000 units incurring the following costs: Direct material 61,000 gallons @ $ 2.90 per gallon Direct labor 59,500 hours @ $ 12.05 per hour The direct material usage variance was:
XYZ Company expects to produce and sell 15,000 units during the next year with no beginning or ending inventories. Budgeted direct material cost is $8 per unit, budgeted direct labor cost is $5 per direct labor hour, and budgeted variable manufacturing overhead is $7 per direct labor hour. Budgeted fixed manufacturing overhead cost for the year is $60,000 in total. Budgeted direct labor hours needed for the year is 30,000 hours in total. The budgeted cost of goods sold for the next year is: Select one: O a. $540,000 O b. None of the given answers O c. $360,000 O d. $600,000 O e. $570,000
Vaughn has a standard of 2 hours of labor per unit, at $12 per hour. In producing 3400 units, Vaughn used 6500 hours of labor at a total cost of $79300. Vaughn's labor quantity variance is $3660 F. $1300 F. $1300 U. $3600 F.
Company A produced 2,200 units of output during a production process that normally requires 2 hours of labor per unit of output. The standard labor rate is $16 per hour, but the company paid $15 per hour. Actual hours needed to complete the production process were 4,600. How much was the labor rate variance? A. $4,400 favorable. B. $4,400 unfavorable. C. $4,600 favorable. D. $4,600 unfavorable.
Glassica, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.6 hour per glass, at a cost of 20.00 per hour. The actual results for one month's production of 8,000 glasses is 0.8 hours per glass, at a cost of $19.00 per hour. The direct labor cost variance is O $6,400 F O $9,100 U er O $9,100 F O $25,600 F O $6,400 U
Ceder Company has compiled the following data for the upcoming year: Sales are expected to be 16,000 units at $52 each. Each unit requires 4 pounds of direct materials at $2.40 per pound. Each unit requires 2.1 hours of direct labor at $13 per hour. Manufacturing overhead is $4.90 per unit. Beginning direct materials inventory is $5,400. Ending direct materials inventory is $6,950. Selling and administrative costs totaled $138,720. Determine Ceder's budgeted cost of goods sold. Complete Ceder's budgeted income statement.
KYZ Company expects to produce and sell 15,000 units during the next year with no beginning or ending inventories. Budgeted direct material cost is $8 per unit, budgeted direct labor cost is $5 per direct labo nour, and budgeted variable manufacturing overhead is $5 per direct labor hour. Budgeted fixed manufacturing overhead cost for the year is $60,000 in total. Budgeted direct labor hours needed for the year is 30,000 hours in total. The budgeted cost of goods sold for the next year is: Select one: O a. $510,000 O b. $330,000 O C $540,000 O d. $480,000
Bonita has a standard of 2 hours of labor per unit, at $20 per hour. In producing 3200 units, Bonita used 6250 hours of labor at a total cost of $125770. Bonita's total labor variance is $2230 F. O$2230 U. $3018 F. $1400 U
Shalom Company prepared its 2023 manufacturing overhead budget to produce Product Peace. Variable overhead costs per direct labor hour are Indirect materials, P3; Indirect labor, P15; Maintenance, P2. Fixed costs totaled P68,000 composed of Supervisor's salaries, P36,000; Depreciation, P20,000; Maintenance, P12,000. Producing each unit requires 2 direct labor hours. Shalom Company estimates that units to be produced for each quarter are 3,000, 3,600, 4,000, and 6,000, respectively. Amounts must be in whole numbers. Example: 88,000 or (88,000) How much is the total manufacturing overhead budget? Cash payments in quarter 3