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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Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to custorners. The following are the selected production data for the month: Materials Direct Labor P52,500 Variable used P84,000 P75,000 P6,000 U FOH P21,000 P18,000 Standard Cost allowed Actual cost incurred Materials Quantity variance Actual direct labor hours Standard FOH rate per direct labor hour Standard Price per meter 7,500 hours P3.00/hr. P6.00 /m. The difference between the standard and actual cost per unit produced is PO.15 favorable. Required: Compute the following: 1. The standard cost per unit of product. 2. The actual cost per unit of product. 3. Standard Quantity per unit. 4. Material Price variance. 5. Standard direct labor rate per hour. 6. Labor Rate variance. 7. Labor Efficiency variance 8. Variable Factory…
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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
7. The following labor standards have been established for a particular product: Standard labor-hours per unit of output ... Standard labor rate... 5.0 hours RM18.25 per hour The following data pertain to operations concerning the product for the last month: 9,800 hours RM176,400 1,900 units Actual hours worked . Actual total labor cost.. Actual output .... + What is the labor efficiency variance for the month? A) RM3,025 U RM5,400 U B) C) RM3,025 F D) RM5,475 U
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
The following labor standards have been established for a particular product: Standard labor-hours per unit of output Standard labor rate 5.0 hours $19.85 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 7.300 hours Actual total labor cost $148.190 Actual output. 1.400 units What is the labor efficiency variance for the month? Select one: a. $9,240 F b. $9,240 U C. $5,955 U d. $6,090 U
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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
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