Quality Motor Company established the standard labor cost for a motor tune-up shown below: Standard. Rate $ 25.00 Standard Cost $ 62.50 Motor tune-up Standard Hours 2.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls 50 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance Labor spending variance Required: 1. Actual labor hours 2. Actual hourly rate $ 150 F $ 200 U 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. Note: Round your answer to 2 decimal places. hours per hour

Quality Motor Company established the standard labor cost for a motor tune-up shown below: Standard. Rate $ 25.00 Standard Cost $ 62.50 Motor tune-up Standard Hours 2.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls 50 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance Labor spending variance Required: 1. Actual labor hours 2. Actual hourly rate $ 150 F $ 200 U 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. Note: Round your answer to 2 decimal places. hours per hour

Name: Quality Motor Company established the standard labor cost for a motor
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Description: Quality Motor Company established the standard labor cost for a motor tune-up shown below:StandardRate$ 25.00StandardCost$ 62.50Motor tune-upStandardHours2.50The record showing the time spent in the shop last week on motor tune-ups has been misplace

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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Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Motor tune-up Standard Hours 2.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 54 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance. Labor spending variance Standard Rate Standard Cost $72.50 $29.00 1. Actual labor hours 2. Actual hourly rate $ 120 F $ 170 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. (Round your answer to 2 decimal places.) hours per hour
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