Question 40 **Harry Company Production and Cost Data Analysis**The following data are provided for Harry Company:**Production:**- **Budgeted production:** 1,076 units- **Actual production:** 916 units**Materials:**- **Standard price per ounce:** $1.804- **Standard ounces per completed unit:** 10- **Actual ounces purchased and used in production:** 9,435- **Actual price paid for materials:** $19,342**Labor:**- **Standard hourly labor rate:** $14.74 per hour- **Standard hours allowed per completed unit:** 4.7- **Actual labor hours worked:** 4,717- **Actual total labor costs:** $76,651**Overhead:**- **Actual and budgeted fixed overhead:** $1,030,000- **Standard variable overhead rate:** $25.00 per standard labor hour- **Actual variable overhead costs:** $132,076Overhead is applied based on standard labor hours. **Please do not round intermediate calculations and the final answer should be rounded to two decimal places.****Calculation Task:**Determine the direct labor rate variance.**Options:**- a. $13,192.35 unfavorable- b. $7,122.67 unfavorable- c. $13,192.35 favorable- d. $7,122.67 favorable

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Description: Question 40 **Harry Company Production and Cost Data Analysis**The following data are provided for Harry Company:**Production:**- **Budgeted production:** 1,076 units- **Actual production:** 916 units**Materials:**- **Standard price per ounce:** $1.8

Direct labor rate variance = (Actual rate - Standard rate)*Actual hours.If the actual rate is more…

Business

Accounting

The following data are given for Harry Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs 1,076 units 916 units The direct labor rate variance is O a. $13,192.35 unfavorable O b. $7,122.67 unfavorable O c. $13,192.35 favorable O d. $7,122.67 favorable $1.804 10 9,435 $19,342 $14.74 per hour 4.7 4,717 $76,651 Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. (Do not round intermediate calculations and final answer to two decimal places.) $1,030,000 $25.00 per standard labor hour $132,076

The following data are given for Harry Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs 1,076 units 916 units The direct labor rate variance is O a. $13,192.35 unfavorable O b. $7,122.67 unfavorable O c. $13,192.35 favorable O d. $7,122.67 favorable $1.804 10 9,435 $19,342 $14.74 per hour 4.7 4,717 $76,651 Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. (Do not round intermediate calculations and final answer to two decimal places.) $1,030,000 $25.00 per standard labor hour $132,076

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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