Standard Actual Direct materials Direct labor Overhead 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $13 per hr. 42,400 lbs. @ $8.10 per lb. 13,700 hrs. @ $16.50 per hr. $188,000 7,000 Units manufactured mpute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for orable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) = Actual Hours = Standard Hours = Actual Rate = Standard Rate Actual Cost Standard Cost

Standard Actual Direct materials Direct labor Overhead 6 lbs. @ $8 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $13 per hr. 42,400 lbs. @ $8.10 per lb. 13,700 hrs. @ $16.50 per hr. $188,000 7,000 Units manufactured mpute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for orable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) = Actual Hours = Standard Hours = Actual Rate = Standard Rate Actual Cost Standard Cost

Name: StandardActual6 lbs. @ $8 per lb.2 hrs. @ $16 per hr.2 hrs. @ $13 per
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Description: StandardActual6 lbs. @ $8 per lb.2 hrs. @ $16 per hr.2 hrs. @ $13 per hr.42,400 lbs. @ $8.10 per lb.13,700 hrs. @ $16.50 per hr.$188,0007,000Direct materialsDirect laborOverheadUnits manufacturedCompute the direct labor rate variance and the direct

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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Direct Labor Variances The following data relate to labor cost for production of 4,000 cellular telephones: Type Actual: Standard: Hours and Rate 2,690 hrs. at $14.70 2,650 hrs. at $15.00 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. b. The employees may have been less-experienced workers who were paid less than more-experienced workers or poorly trained, thereby resulting in a labor rate than planned. The lower level of efficient performance. Thus, the actual time required experience or training may have resulted in than standard. NB: Based upon your answer to (a) use Less, More or Lower to fill in the blank in (b) was
Use the following data to find the direct labor efficiency variance. Direct labor standard (4.5 hrs.@ $6/hr.) Actual hours worked per unit Actual units produced Actual rate per hour O $4,200 unfavorable $16,800 unfavorable O $16,800 favorable $12,600 favorable O $3,150 favorable Question 24 $27per finished unit 4.0 hrs 4,200 units $6.25 Which of the following is an example of a performance measure of the customer persp in a balanced scorecard? 3
Inputs Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost $ Actual direct materials cost Actual direct labor cost Standard Quantity 2.9 pounds 0.65 hours 0.65 hours Actual Quantity 6,550 pounds 1,120 hours Required: Use the information above to calculate the variances. 2,120 units 7,260 $ $ $ $ $ Actual Price 3.97 per pound 21.35 per hour Standard Price 4.15 per pound 22.00 per hour 5.89 per hour
The following data relate to labor cost for production of 20,000 cellular telephones: 8,450 hrs. at $22.50 8,400 hrs. at $23.00 Actual: Standard: a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower training may have resulted in less ✔efficient performance. Thus, the actual time required was more 50 X Favorable Unfavorable Favorable V ✓ ✓ ✓labor rate than planned. The lower level of experience or ✓than standard.
Direct Labor Variances The following data relate to labor cost for production of 5,200 cellular telephones: Actual: 3,480 hrs. at $15.00 Standard: 3,430 hrs. at $15.20 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance $ $ b. The employees may have been less-experienced or poorly trained, thereby resulting in a or training may have resulted in efficient performance. Thus, the actual time required was labor rate than planned. The lower level of experience than standard.
Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 7,800 lbs. @ $5.30 8,000 lbs. @ $5.10 Direct labor 12,400 hrs. @ $8.40 12,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer a. Materials price Answer Answer b. Materials efficiency Answer Answer Labor Variances Actual cost: Answer Split cost: Answer Standard cost: Answer c. Labor rate Answer Answer d. Labor efficieny Answer Answer
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost
Direct Labor Actual Data: Units produced Direct Labor Standard Cost Data per 1 Unit Quantity Price 2 hrs $41/hr SHOW ALL COMPUTATIONS. 20 units 39 hrs; total cost $1560 Compute rate variance, efficiency variance, direct labor variance
Requirement: Compute for the following variances1. Fixed Spending Variance2. Variable Spending Variance3. Efficiency Variance4. Controllable Variance5. Volume Variance6. Spending Variance 7. Total Variance
The following data relate to labor cost for production of 5,100 cellular telephones: Actual: 3,430 hrs. at $12.70 Standard: 3,380 hrs. at $13.00 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. 1,266 X 910 X -368 X Rate variance Favorable Unfavorable ✓ Time variance Total direct labor cost variance Favorable •✓ b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower may have resulted in less ✔efficient performance. Thus, the actual time required was more ✓ ✔labor rate than planned. The lower level of experience or training ✔than standard.
Direct Labor Variances The following data relate to labor cost for production of 6,600 cellulár telephones: Actual: 4,450 hrs. at $13.70 Standard: 4,380 hrs. at $13.90 a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower training may have resulted in less Feedback Favorable Unfavorable Unfavorable ✓labor rate than planned. The lower level of experience or ✓than standard. ✔efficient performance. Thus, the actual time required was more Check My Wor Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit) The labor cost variance is the difference between the actual and standard…
Inputs Direct materials Direct labor Variable manufacturing overhead Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost The company has reported the following actual results for the product for September: Standard Quantity or Hours per Unit of Output Required: a. Compute the materials price variance for Septer b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. a. Materials price variance b. Materials quantity variance Labor rate variance Labor efficiency variance variable overhead spending variance Variable overhead efficiency variance C. d. 9.40 liters 0.60 hours 0.60 hours 11,600 units 110,000 liters $1,010,500 $ $ e. f. d. Compute the labor efficiency variance for September. e. Compute the variable overhead spending variance for September. 109,070 liters 6,380 hours f. Compute the variable…