Hello tutor please provide answer accounting Shimano Company makes a product that is expected to require 3 hoursof labor per unit of product. The standard cost of labor is $5.40.Shimano actually used 2.90 hours of labor per unit of product. Theactual cost of labor was $5.30 per hour. Shimano made 1,400 units ofproduct during the period. Based on this information alone, the laborprice variance is:--$406 favorable.$406 unfavorable.-$756 favorable.-$756 unfavorable.

Step 1: Define Standard CostingIn standard costing, various variances are computed and studied to…

Answered: Shimano Company makes a product that is…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...

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Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The standard variable manufacturing overhead (M0H) rate used by the company is $6.75 per machine hour. Each sewing machine requires 13.5 machine hours. Actual machine hours used last month were 33,500, and the actual variable MOH rate last month was $7.00. Calculate the variable overhead rate variance and the variable overhead efficiency variance.
Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?
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The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $2 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 23,000 units, incurring the following costs: Direct material 49,000 gallons @ $ 1.90 per gallon Direct labor 23,500 hours @ $ 12.75 per hour The direct labor price variance was: Multiple Choice O O O $5,875 favorable. $5,750 favorable. $5,875 unfavorable. $5,750 unfavorable. $ 4.00 $ 13.00 4
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The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 26,000 units, incurring the following costs: Direct material Direct labor 55,000 gallons @ $ 2.9 per gallon 26,500 hours @ $12.75 per hour $ 6 $13 The direct material price variance was:
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