Saunders Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 5 hours. The direct labor standard wage rate at the firm is $14.50 per hour. Last month, 2,970 direct labor hours were used to prepare 600 tax returns. Total wages were $46,035. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is

Q: The Purchasing Agent in a firm would be most likely to be held responsible for which of the…

A: Variances analysis involves determining of deviations if any by comparing the actual results with…

Q: Crex Co was set up by Cynthia Rex who created her own brand of chalk paint 20 years ago. Using her…

A: Total material yield variance = Standard cost of the standard quantity of input materials in the…

Q: 9. The difference between the Actual cost and the Standard cost for direct labor is called: A)…

A: The correct option is B) Direct Labor Flexible Budget Variance The difference between the Actual…

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A:

Q: lackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs fo nits of…

A: Variance is the difference between a budgeted, planned, or standard cost and the actual amount…

Q: Critically identify the possible causes of the labour and material variances based on obtained…

A: Material usage variance means when actual quantity of material used is more than standard quantity…

Q: Why is the flexible-budget variance the same amount as the spending variance for fixed manufacturing…

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Q: Use the information provided below to calculate the following variances for May 2021. Each answer…

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A: (a) The main reasons why manufacturing companies are more sensitive to material price variances, as…

Q: 5

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A: Variance: It is the difference between budgeted and actual expenditures and revenue.

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A: Unskilled labor simply refers to workers who lack technical training and expertise. Unskilled labor…

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A: Labor efficiency variance is the difference between actual labor hours used to produce a product and…

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A: Controllable Variance: It is a combination of variable and fixed overhead variances which management…

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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.