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
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

Recording Standards in Accounts Cioffi Manufacturing Company incorporates standards in its accounts and identifies variances at the time the manufacturing costs are incurred. Journalize the entries to record the following transactions: a. Purchased 2,450 units of copper tubing on account at $52.00 per unit. The standard price is $48.50 per unit. If an amount box does not require an entry, leave it blank. a. Materials ? ? Direct Materials Price Variance ? ? Accounts Payable ? ? Feedback Debit (unfavorable) or credit (favorable) the direct materials price variance. Debit (unfavorable) or credit (favorable) the direct materials quantity variance. b. Used 1,900 units of copper tubing in the process of manufacturing 200 air conditioners. Ten units of copper tubing are required, at standard, to produce one air conditioner. If an amount box does not require an entry, leave it blank. b. Work in Process ? ? Direct…
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
Hanshaben
Please redo this problem and show me steps on how to get the following questions correct, its stating I am wrong. Please help Direct Labor Variances The following data relate to labor cost for production of 6,600 cellular telephones: Actual: 4,480 hrs. at $16.10 $72,128 Standard: 4,410 hrs. at $16.40 $72,324 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter all values as a positive number and then identify the variance (e.g. Favorable or Unfavorable) in the adjacent column. Rate variance $ Favorable Time variance $ Unfavorable Total direct labor cost variance $ Favorable b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower labor rate than planned. The lower level of experience or training may have resulted in less efficient performance. Thus, the actual time required was more than standard. LIz C
Fix the red
Calculating the Fixed Overhead Spending and Volume Variances Standish Company manufactures consumer products and provided the following information for the month of February:
Please answer the required question
The Litton Company has established standards as follows: Direct material Direct Labor Variable manufacturing overhead Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. Variable manufacturing overhead cost incurred Units produced Direct materials used Direct materials purchased (3,000 pounds) 11,400 Direct Labor cost (1,100 hours) 9,240 5,720 The labor rate variance is: OOO The company applies variable manufacturing overhead to products on the basis of standard direct labor-hours. 480f O 3 pounds per unit @ 4 per pound= 12 per unit 480u O 440f 2 hours per unit @ 8 per hour= 16 per unit 2 hours per unit @ 5 per hour= 10 per unit 440u 600 units 2,000 pounds
Solve this Problem
please help me
Vai
Fletcher Company collected the following data regarding production of one of its products. Compute the total direct labor variance. Direct labor standard (2 hours @ $12.90/hour) Actual direct labor hours Actual finished units produced Actual cost of direct labor Multiple Choice O $53,400 unfavorable. $19,350 favorable. $72,750 unfavorable. $72,750 favorable. $53,400 favorable. $ 25.80 per finished unit 89,000 hours 43,750 units $ 1,201,500