rect labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $12.30 per manufacturing overhead costs. It produced 2,000 units. a) Compute the total, price, and quantity variances for labor. Total labor variance +A $ 3160 Unfavorable

rect labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $12.30 per manufacturing overhead costs. It produced 2,000 units. a) Compute the total, price, and quantity variances for labor. Total labor variance +A $ 3160 Unfavorable

Name: The standard cost of product 5252 includes 1.9 hours of direct labor
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Description: The standard cost of product 5252 includes 1.9 hours of direct labor at $12.00 per hour. The predetermined overhead rate is $22 perdirect labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $12.30 per hour

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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Coronado Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Overhead controllable variance $ Overhead volume variance Actual $ $4.40 11,000 $177,600 14,800 $242,800 Standard $4.30 10,100 $174,420 15,300 Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time are required for each direct labor hour. The jobs were sold for $475,000. Selling and administrative expenses were $40,100. Assume that the amount of raw materials purchased equaled the amount used. Compute the overhead controllable variance and the overhead volume variance. $244,800 49,960 $89,928 $3.20 $1.80…
Sheridan Company's standard labor cost per unit of output is $22.00 (2.00 hours x $11 per hour). During August, the company incurs 2.420 hours of direct labor at an hourly cost of $12.10 per hour in making 1,100 units of finished product. Compute the total, price, and quantity labor variances. (Round answers to 2 decimal places, e.g. 52.75.) Total labor variance Labor price variance $ $ Labor quantity variance $ Unfavorable Unfavorable Unfavorable V
Sullivan Corporation’s direct labor costs for the month of March were as follows: Standard direct labor hours 42,000 Actual direct labor hours 40,000 Direct labor rate variance – favorable $8,400 Standard direct labor rate per hour $6.30 What was Sullivan’s total direct labor payroll for the month of March? Group of answer choices $243,600 $252,000 $264,600 $260,400
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: Standard Costs 3 hours per unit at $0.71 per hour 3 hours per unit at $1.90 per hour Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $17,800 Total fixed cost, $7,900 The fixed factory overhead volume variance is Oa. So Ob. $1,420 unfavorable Oc. $1,775 unfavorable Od. $1,420 favorable
During March 2022, Vaughn Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual Standard Job Number Hours Costs Hours Costs Total Variance A257 220 $5,500 226 $5,650 $150 F A258 470 13,160 450 11,250 1,910 U A259 320 8,320 318 7,950 370 U A260 100 2,400 92 2,300 100 U Total variance $2,230 U Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent.Prepare a report for the factory supervisor on direct labor cost variances for March.
Power Co.'s labor information for June is as follows: Direct labor hours worked 67,000 Standard labor hours for units manufactured 70,000 Unfavorable direct labor rate variance $26,800 Total payroll for labor $824,100 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $fill in the blank 1 per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $fill in the blank 2 per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $fill in the blank 3 D. What was the direct labor time variance for June? Direct labor rate variance $fill in the blank 4
Power Co.'s labor information for June is as follows: Direct labor hours worked 69,100 Standard labor hours for units manufactured 72,000 Unfavorable direct labor rate variance $24,185 Total payroll for labor $839,565 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $ per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $ per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $ D. What was the direct labor time variance for June? Direct labor rate variance $
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The following labor standards have been established for a particular product: Standard labor-hours per unit of output 8.6 hours Standard labor rate $ 15.50 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 8,500 hours Actual total labor cost $ 129,200 Actual output 840 units What is the labor rate variance for the month?
AGL Inc. provided the following data related to the direct labor costs for the current period: Data Related to Direct Labor Costs Data Rate Hours Standard $17.50 12,000 Actual $15.50 14,000 Determine the direct labor cost variance. Group of answer choices -$7,000 favorable -$28,000 favorable $7,000 unfavorable $28,000 unfavorable
Prokp Co.'s records for April disclosed the following data relating to direct labor: Actual labor cost (payroll) for April $ 33,000 Labor rate variance $ 4,400 favorable Labor efficiency variance $ 3,700 unfavorable Actual direct labor hours worked (AQ) 2,200 Prokp's total standard direct labor cost for the output in April (to the nearest dollar) was: Multiple Choice $33,700. $37,400. $36,700. $41,100. $29,300.
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