Q5. The details regarding Labour force engaged in a work scheduled to be completed in30 hours are as follows-StandardCategory oferkersStandard wage rate/hr. Actual(in Rs.)Actual Wage rate/hr.(in Rs.)NumberNumberSkilled75607070Semi-Skilled45403050Un Skilled60308020Total180180The work is actually completed in 32 hours. Calculate Labour Variances. Show your workingclearly.

Direct Labor:- Direct labor refers to expenses incurred in respect of the labor involved in the…

Q5. The details regarding Labour force engaged in a work scheduled to be completed in 30 hours are as follows- Category of Werkers Actual Wage rate/hr (in Rs.) Standard Standard wage rate/hr. Actual (in Rs.) Number Number Skilled 75 60 70 70 Semi-Skilled 45 40 30 50 Un Skilled 60 30 80 20 Total 180 180 The work is actually completed in 32 hours. Calculate Labour Variances. Show your working clearly.

Q5. The details regarding Labour force engaged in a work scheduled to be completed in 30 hours are as follows- Category of Werkers Actual Wage rate/hr (in Rs.) Standard Standard wage rate/hr. Actual (in Rs.) Number Number Skilled 75 60 70 70 Semi-Skilled 45 40 30 50 Un Skilled 60 30 80 20 Total 180 180 The work is actually completed in 32 hours. Calculate Labour Variances. Show your working clearly.

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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Amazing Corporation gathered the following information for Job #928: Standard Total Cost Actual Total Cost Direct labor: Standard: 900 hours at $6.50/hr. $5,850 Actual: 200 hours at $4.75/hr. $950 What is the direct labor efficiency variance?
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The records of Heritage Home Supplies show the following for July: Standard direct labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor cost Direct labor efficiency variance Actual variable overhead Required: Compute the direct labor and variable overhead price and efficiency variances. $ 34 3,600 13,925 $ 510,200 $ 17,670 F $ 473,450 Note: Do not round Intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct labor: Price variance Efficiency variance Variable overhead: Price variance Efficiency variance
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The details regarding Labour force engaged in a work scheduled to be completed in 30 hours are as follows:- The work is actually completed in 32 hours. Calculate Labour Variances. Show your working clearly.
Labour data for making one unit of finished product in Waterway Company are as follows: (1) Price-hourly wage rate $10.00, payroll taxes $0.80, and fringe benefits $1.60. (2) Quantity-actual production time 1.40 hours, rest periods and cleanup 0.50 hours, and set-up and downtime 0.40 hours. Calculate the following: (Round calculations and final answers to 2 decimal places, e.g. 15.25.) a. Standard direct labour rate per hour $enter a dollar amount rounded to 2 decimal places b. Standard direct labour hours per unit enter a number of hours rounded to 2 decimal places hours c. Standard labour cost per unit Senter a dollar amount rounded to 2 decimal places