Problem 6: Labor VarianceThe following are the records of Irvin Corp for the month of March:Standard Direct labor hour allowedActual Direct labor rate22,000P1520,00010,000 FActual Direcet labor hoursLabor rate varianceRequired:1. Compute the direct labor efficiency variance, standard direct labor rate.2. Prepare journal entries to record accrual of direct labor cost and to recordthe labor variances.

Name: Problem 6: Labor VarianceThe following are the records of Irvin Corp
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Description: Problem 6: Labor VarianceThe following are the records of Irvin Corp for the month of March:Standard Direct labor hour allowedActual Direct labor rate22,000P1520,00010,000 FActual Direcet labor hoursLabor rate varianceRequired:1. Compute the direct

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Problem 6: Labor Variance The following are the records of Irvin Corp for the month of March: Standard Direct labor hour allowed Actual Direct labor rate Actual Direct labor hours Labor rate variance 22,000 P15 20,000 10,000 F Required: 1. Compute the direct labor efficiency variance, standard direct labor rate. 2. Prepare journal entries to record accrual of direct labor cost and to record the labor variances.

Problem 6: Labor Variance The following are the records of Irvin Corp for the month of March: Standard Direct labor hour allowed Actual Direct labor rate Actual Direct labor hours Labor rate variance 22,000 P15 20,000 10,000 F Required: 1. Compute the direct labor efficiency variance, standard direct labor rate. 2. Prepare journal entries to record accrual of direct labor cost and to record the labor variances.

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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Subject :- Accounting
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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
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