The following data relates to Koontz Corporation's operations for the month. 1,000 finished units of product were produced and the normal monthly capacity is 2,200 direct labor hours. Standard Total Unit Actual Costs Costs Direct Material: Standard (2 lb. @$10/lb.) Actual (2,200 lb. @ $9.80/lb.) Direct Labor: Standard (2 hr. @ $20/hr.) Actual (2,400 hrs. @ $20.20/hr.) Variable Overhead: Standard (0.5 hr. @ $4/hr.) Actual Total What is the labor rate variance? Select one: O a. 400 U O b. O O O $400 F C. $480 U d. $480 F e. None of the above $20 $40 $2 $21,560 $48,480 $8,700 $62 $78,740

The following data relates to Koontz Corporation's operations for the month. 1,000 finished units of product were produced and the normal monthly capacity is 2,200 direct labor hours. Standard Total Unit Actual Costs Costs Direct Material: Standard (2 lb. @$10/lb.) Actual (2,200 lb. @ $9.80/lb.) Direct Labor: Standard (2 hr. @ $20/hr.) Actual (2,400 hrs. @ $20.20/hr.) Variable Overhead: Standard (0.5 hr. @ $4/hr.) Actual Total What is the labor rate variance? Select one: O a. 400 U O b. O O O $400 F C. $480 U d. $480 F e. None of the above $20 $40 $2 $21,560 $48,480 $8,700 $62 $78,740

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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