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: 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…

Q: What recommendations should Gary propose to control costs in the upcoming months?

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

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

A: Standard cost means the cost which the company is expecting to be incurred on the basis of estimate…

Q: All of the following are possible causes of a favorable labor rate variance except: a lower mix of…

A: When the actual labour rate is less than the expected or budgeted labour rate, there is a favourable…

Q: please answers these three fallowing questions: B-1. What is the labor efficiency variance? Note:…

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Q: Why is it important to do Year over Year (YTD) analysis of Income statement even though a firm is…

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Q: Losts Actual labor rate Actual materials price Standard labor rate Standard materials price $12 per…

A: Lets understand the basics.Total Material Variance :— It is the difference between standard cost of…

Q: At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material -…

A: 1. Raw Material Variance= Standard Quantity for Actual Output*Standard rate-Actual Quantity*Actual…

Q: The difference between actual direct labor hours worked and standard direct labor hours allowed…

A: Efficiency Variance - It is the variance equals the no of direct labor hours with budgeted one minus…

Q: Formula 1 Material Price Variance    Formula 2 Material Quantity variance    Formula 3 Total…

A: Calculate the materials price, material quantity, and the total material variance as follows: The…

Q: Required: (a) Which formula will correctly calculate the direct labour efficiency variance in cell…

A: (a) Direct labour efficiency variance = (26,000 x $48) - (150,000 x $8) = $1,248,000 - $1,200,000 =…

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A: Dear student, please find the answer to your question in the explanation box below. I hope this is…

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Q: me Variance F.) Total Gross Profit Variance G.) Price Variance H.) Price-Quantity Variance I.) Cost…

A:

Q: Which of the following is a TRUE statement about the variable overhead efficiency variance when the…

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A: (Actual rate - Standard rate) x Actual hours worked = Labor rate variance

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Q: The following Income Statement Data presented by AAA Company for the years ended December 31, 2020…

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Q: verify whether variances favorable of unfavorable: budgeted cost at actual volue would be 25344…

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Q: Which of the following statements is incorrect with regards to production variances?   Select…

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A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Which of the following is true of direct labor variances? a. The labor efficiency variance measures…

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Q: Required: Calculate all variances and prepare an operating statement for the month ended June 2015…

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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.