Quality Motor Company is an auto repair shop that uses standards to control its labor time-end labor cost. The standard labor cost for a motor tune-up is given below. Standard Hours 2.50 Labor rate variance Labor spending variance Standard Rate $ 34.00 Motor tune-up 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: 1. Actual labor hours 2. Actual hourly rate $ 350 F $ 500 U Standard Cost $85.00 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

Q: What is crj

A: Crj means cash receipt journal .

Q: JE for A?

A: Here asked for the journal entry related with the construction of library and its total proceedings…

Q: What are ADRs?

A: Answer: An American depositary receipt (ADR) is a negotiable asset that denotes a non-US company…

Q: What is Gordon model?

A: Intrinsic value of a stock is based on the internal information of an organization. That is, market…

Q: What islockbox system?

A: Banks provide various services to the organizations such as lock box facility, overdraft facility,…

Q: What is BATNA?

A:

Q: What is the SML? What is the CAPM? What is the APT?

A: Security Market Line (SML):The Security Market Line (SML) is a graphical representation of the…

Q: WHAT'S THE ANSWER TO D, E AND F?

A: Given, Net nonoperating obligations (NNO) Return on equity (ROE) Nonoperating return component of…

Q: Identify the gragh?

A: Part a: Total direct material cost increases or decreases in direct proportion to change in activity…

Q: Define Volcker rule

A: Volcker Rule is a regulation that implies restrictions on the banks to involve in the stock market…

Q: What is MM Proposition I?

A: Modigliani and Miller’s approach is an element of economic theory and it forms the basis for modern…

Q: kindly, explain more

A: When deciding where to invest there many factors that need to be considered in order to take any…

Q: What is CAPM? How about APT?

A: CAPM and APT are two common models for pricing used in finance. These are explained below.

Q: What is materiality? Explain?

A: Materiality: The accounting concept which focusses that all the financial items and figures which…

Q: What is PNL?

A: The term PNL is used in accounting, finance, and business to refer profit and loss.

Q: Mamuțelerăit puiul de om

A: Mowgli, the human cub found by the wolves in 'The Jungle Book', is described as a very small and…

Q: Define unicorn

A: The term Unicorn in finance was popularized by Aileen Lee, a popular venture capitalist &…

Q: What is alpha transfer?

A: The term ‘Alpha’ refers to the active return on investment. In other words, the excess return from…

Q: a. Prepare a common-sized income statement comparing the results of operations for Sorenson…

A: Common size income statement is used for vertical analysis wherein each item in the income statement…

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance. 

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.