Please do not proviede answer in image formate thank you. Information regarding Maxwell’s direct labor cost for the month of January follows: Direct labor hourly rate paid $ 29.70 Total standard direct labor hours for units produced this period 12,200 Direct labor hours actually worked 12,000 Direct labor rate variance $ 17,200 favorable Required: 1. Compute the standard direct labor wage rate per hour in January. (Round your answer to 2 decimal places.) 2. Compute the direct labor efficiency variance for January. Was this variance favorable or unfavorable? (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Please do not proviede answer in image formate thank you.
Information regarding Maxwell’s direct labor cost for the month of January follows:
| Direct labor hourly rate paid | $ 29.70 | |
|---|---|---|
| Total standard direct labor hours for units produced this period | 12,200 | |
| Direct labor hours actually worked | 12,000 | |
| Direct labor rate variance | $ 17,200 | favorable |
Required:
1. Compute the standard direct labor wage rate per hour in January. (Round your answer to 2 decimal places.)
2. Compute the direct labor efficiency variance for January. Was this variance favorable or unfavorable? (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)
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