Required ARequired BDirect labor mix and yield variances. (Do not round intermediate calcul."F" for favorable, or "U" for unfavorable. If there is no effect, do not selnearest whole number.)Direct labor mix varianceYield variance The standard direct labor rates in effect for the current fiscal year and the standard hours allowed for the actual output of work for Julyare shown in the following schedule.WorkerclassificationStandardDirect LaborRate per Hour$60Standard DirectLabor-Hours Allowedfor Output1,3801,8402,300II55III45The wage rates for each labor class increased under the terms of a new contract. The standard wage rates were not revised to reflectthe new contract.The actual direct labor-hours worked and the actual direct labor rates per hour experienced for the month of July were as follows.Actual DirectLabor RateWorkerClassificationActual Directper Hour$64Labor-Hours1,470II581,9502,380III46Required:Calculate the dollar amount of the total direct labor variance for July for Matthews & Bros. and break down the total variance into thefollowing components:a. Direct labor price and efficiency variances.b. Direct labor mix and yield variances.

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Description: Required ARequired BDirect labor mix and yield variances. (Do not round intermediate calcul."F" for favorable, or "U" for unfavorable. If there is no effect, do not selnearest whole number.)Direct labor mix varianceYield variance The standard direct

Variance: The difference between the actual cost or price and the budgeted (standard) cost or price…

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Required: Calculate the dollar amount of the total direct labor variance for July for Matthews & Bros. and break down the total variance into the following components: a. Direct labor price and efficiency variances. b. Direct labor mix and yield variances.

Required: Calculate the dollar amount of the total direct labor variance for July for Matthews & Bros. and break down the total variance into the following components: a. Direct labor price and efficiency variances. b. Direct labor mix and yield variances.

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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Concept explainers

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.

Topic Video

Question

Required A
Required B
Direct labor mix and yield variances. (Do not round intermediate calcul.
"F" for favorable, or "U" for unfavorable. If there is no effect, do not sel
nearest whole number.)
Direct labor mix variance
Yield variance

The standard direct labor rates in effect for the current fiscal year and the standard hours allowed for the actual output of work for July
are shown in the following schedule.
Worker
classification
Standard
Direct Labor
Rate per Hour
$60
Standard Direct
Labor-Hours Allowed
for Output
1,380
1,840
2,300
II
55
III
45
The wage rates for each labor class increased under the terms of a new contract. The standard wage rates were not revised to reflect
the new contract.
The actual direct labor-hours worked and the actual direct labor rates per hour experienced for the month of July were as follows.
Actual Direct
Labor Rate
Worker
Classification
Actual Direct
per Hour
$64
Labor-Hours
1,470
II
58
1,950
2,380
III
46
Required:
Calculate the dollar amount of the total direct labor variance for July for Matthews & Bros. and break down the total variance into the
following components:
a. Direct labor price and efficiency variances.
b. Direct labor mix and yield variances.

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