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: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $ 32.00 $ 80.00 The record showing the time spent in the shop last week on motor tune - ups has been misplaced. However, the shop supervisor recalls that 52 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune ups: Labor rate variance $ 300 F Labor spending variance $ 340 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.)

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: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $ 32.00 $ 80.00 The record showing the time spent in the shop last week on motor tune - ups has been misplaced. However, the shop supervisor recalls that 52 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune ups: Labor rate variance $ 300 F Labor spending variance $ 340 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.)

Name: Quality Motor Company is an auto repair shop that uses standards to c
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Description: Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standardlabor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $32.00 $ 80.00 The re

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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The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.5 $25.00 $62.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 50 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 150 F Labor spending variance $ 200 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.)
Please I want to learn how to make these problems with a good explanation. One of those there is the possible answer. I NEED ONLY QUESTION 18 Thank you