Kindly help me with accounting questions The following labor standards have been established for Product X:Standard labor hours per unit: 2.0 hoursStandard labor rate: $22.50 per hourActual data for last month:Actual hours worked: 4,800 hoursActual total labor cost: $106,800Actual output: 2,300 unitsWhat is the labor rate variance for the month?A. $2,400 FB. $2,400 UC. $1,200 FD. $1,200 U

Step 1: Definition of Labor Rate VarianceThe labor rate variance measures the difference between the…

Answered: The following labor standards have been…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...

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Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid $32 per hour for labor, for a total of $718,848. The standard hours per unit are 6.4, and the standard labor wage rate is $38.40 per hour. A. What are the actual hours worked? B. What are the standard hours for the units made? C. What is the direct labor rate variance for April? D. What Is the direct labor time variance for April? E. What is the total direct labor variance for April?
Power Co.s labor information for June is as follows: A. What was the actual labor rate per hour? B. What was the standard labor rate per hour? C. What was the total standard labor cost for units produced in June? D. What was the direct labor time variance for June?
Ellis Companys labor information for September is as follows: A. Compute the standard direct labor rate per hour. B. Compute the direct labor time variance. C. Compute the standard direct labor rate if the direct labor rate variance was $2,712.30 (unfavorable).
Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
Calculating factory overhead The normal capacity of a factory is 10,000 units per month. Cost and production data follow: Calculate the amount of factory overhead allowed for the actual volume of production each month and the variance between budgeted and actual overhead for each month.
Calculating factory overhead The standard capacity of a factory is 8,000 units per month. Cost and production data follow: Calculate the amount of factory overhead allowed for the actual volume of production each month and the variance between budgeted and actual overhead for each month.
Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month: Last month, 4,000 units were produced and sold. Required: 1. Classify each of the costs as product cost or period cost. 2. What is the total product cost for last month? 3. What is the unit product cost for last month?
Breakaway Companys labor information for May is as follows: A. What is the actual direct labor rate per hour? B. What is the standard direct labor rate per hour? C. What was the total standard direct labor cost for May? D. What was the direct labor rate variance for May?
Standard labor hours per unit of 4.6 hours output Standard labor rate $20.40 per hours The following data pertain to operations concerning the product for the last month: Actual hours worked 7,200 hours 1,500 units Actual total labor cost $147,600 Actual output Required: a. What is the labor rate variance for the month? (Input the amount as a positive va Leave no cells blank - be certain to enter "O" wherever required. Indicate the ef of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" no effect (i.e., zero variance.) Labor rate variance
The following labor standards have been established for a particular product: Standard labor hours per unit of output 2.8 hours Standard labor rate per hour $ 11.50 The following data pertain to operations concerning the product for the last month: Actual time worked: 6,900 hours Actual total labor cost: $ 80,385 Actual output: 2,300 units What is the labor rate variance for the month? What is the labor efficiency variance for the month?
The following labor standards have been established for a particular product: Standard labor-hours per unit of output. Standard labor rate.. 1.7 hours $14.05 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked. Actual total labor cost.. 3,700 hours $50,690 2,300 units Actual output . What is the labor rate variance for the month?
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