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Off Onanges. The standard wage rate for oil change technicians is $16 per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard of 21 minutes (or 0.35 hours) per oil change. In July, 1,000 oil changes were performed at Fiber Oil. Oil change technicians worked a total of 290 direct labor hours at an average rate of $25 per hour. Read the requirements. enter. Abbreviations used: DL= Direct labor.) Actual hours 290 x ( x ($ Standard rate 16.00 $ Actual rate 25.00 ) = DL rate variance = $ 2,610 U Requirement 2. Calculate the direct labor efficiency variance. Determine the formula for the efficiency variance, then compute the efficiency variance for the direct labor. (Enter the variance as a positive number. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U) in the input field after the amount you enter. Abbreviations used: DL = Direct labor.) ) = DL efficiency variance

Off Onanges. The standard wage rate for oil change technicians is $16 per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard of 21 minutes (or 0.35 hours) per oil change. In July, 1,000 oil changes were performed at Fiber Oil. Oil change technicians worked a total of 290 direct labor hours at an average rate of $25 per hour. Read the requirements. enter. Abbreviations used: DL= Direct labor.) Actual hours 290 x ( x ($ Standard rate 16.00 $ Actual rate 25.00 ) = DL rate variance = $ 2,610 U Requirement 2. Calculate the direct labor efficiency variance. Determine the formula for the efficiency variance, then compute the efficiency variance for the direct labor. (Enter the variance as a positive number. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U) in the input field after the amount you enter. Abbreviations used: DL = Direct labor.) ) = DL efficiency variance

FINANCIAL ACCOUNTING
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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wage ige per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard of 21 minutes (or 0.35 hours) per oil change. In July, 1,000 oil changes were performed at Fiber Oil. Oil change technicians worked a total of 290 direct labor hours at an average rate of $25 per hour. Read the requirements. enter. Abbreviations used: DL = Direct labor.) Actual hours x ( *($ 290 x ( Standard rate X 16.00 $ Actual rate 25.00 = DL rate variance U Requirement 2. Calculate the direct labor efficiency variance. Determine the formula for the efficiency variance, then compute the efficiency variance for the direct labor. (Enter the variance as a positive number. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U) in the input field after the amount you enter. Abbreviations used: DL= Direct labor.) = $ 2,610 = DL efficiency variance
Transcribed Image Text:wage ige per hour. By analyzing its past records of time spent on oil changes, the company has developed a standard of 21 minutes (or 0.35 hours) per oil change. In July, 1,000 oil changes were performed at Fiber Oil. Oil change technicians worked a total of 290 direct labor hours at an average rate of $25 per hour. Read the requirements. enter. Abbreviations used: DL = Direct labor.) Actual hours x ( *($ 290 x ( Standard rate X 16.00 $ Actual rate 25.00 = DL rate variance U Requirement 2. Calculate the direct labor efficiency variance. Determine the formula for the efficiency variance, then compute the efficiency variance for the direct labor. (Enter the variance as a positive number. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U) in the input field after the amount you enter. Abbreviations used: DL= Direct labor.) = $ 2,610 = DL efficiency variance
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