The following labor standards have been established for a particular product: Standard labor -hours per unit of output 7.7 hours Standard labor rate $ 15.35 per hour The following data pertainto operations concerning the product for the last month: Actual hours worked 9,800 hours Actualtotal labor cost $ 148, 960 Actual output 1, 100 units What is the labor rate variance for the month?Multiple Choice $165 F $1,470 F $1,470 U $165 U

The objective of the question is to calculate the labor rate variance for the month. Labor rate…

Answered: The following labor standards have been…

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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Polaco Corporation makes a product that has the following direct labor standards: hours per Standard direct labor-hours 0.4 unit $ 24.00 per hour Standard direct labor rate In May the company produced 8,500 units using 3,220 direct labor-hours. The actual direct labor rate was $22.10 per hour. The labor rate variance for May is: Multiple Choice $6,460 F $6,118 U $6,460 U $6,118 F
Subject: acounting
The following labor standards have been established for a particular product: Standard labor- 8.4 hours per unit of output Standard labor rate $ Actual hours worked Actual total labor cost 15.70 The following data pertain to operations concerning the product for the last month: $336 F $2,520 F $2,520 U $336 U hours per hour $ 162,330 1,400 10,500 hours Actual output What is the labor rate variance for the month? units
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Piechocki Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 5.900 units, but its actual level of activity was 5,940 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May Data used in budgeting Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses Total expenses Actual results for May Fixed element Variable element per month Multiple Choice 6 $2,434 U 0 0 Revenue Direct labor Direct materials Manufacturing overhead $ 73,824 43,922 Selling and administrative expenses 31,896 33,400 28,300 61,700 $200,564 $22,786 The spending variance for direct materials in May would be closest to per unit 6 $ 32.60 3.90 12.10 1.80 0.40 6 18.20 Help Save & E
Question Content Area The standard costs and actual costs for factory overhead for the manufacture of 2,900 units of actual production are as follows: Standard Costs Line Item Description Value Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.70 per hour Variable overhead 3 hours per unit at $1.93 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,200 The fixed factory overhead volume variance is a. $0 b. $728 unfavorable c. $910 unfavorable d. $728 favorable
Peking Palace Company reported the following: Standard hours per unit 2.5 hours Standard rate per hour $16.00 Actual hours used 12,560 Actual rate per hour $15.50 Number of units produced 4,900 What is the direct labor time variance? a.$(4,805) favorable b.$(4,960) favorable c.$4,805 unfavorable d.$4,960 unfavorable
None
f. Calculate the variable overhead spending variance for Job Alpha g. Calculate the variable overhead efficiency variance for Job Alpha h. What is the company’s fixed overhead spending variance
Give labor rate variance
5

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