The standards for product G78V specify 4.7 direct labor-hours per unit at $12.50 per direct labor-hour. Last month 1,660 units of product G78V were produced using 7,860 direct labor-hours at a total direct labor wage cost of $94,220, Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) a. Labor rate variance b. Labor efficiency variance

The standards for product G78V specify 4.7 direct labor-hours per unit at $12.50 per direct labor-hour. Last month 1,660 units of product G78V were produced using 7,860 direct labor-hours at a total direct labor wage cost of $94,220, Required: a. What was the labor rate variance for the month? b. What was the labor efficiency variance for the month? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) a. Labor rate variance b. Labor efficiency variance

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Description: The standards for product G78V specify 4.7 direct labor-hours per unit at $12.50 per direct labor-hour. Last month 1,660 units ofproduct G78V were produced using 7,860 direct labor-hours at a total direct labor wage cost of $94,220,Required:a. What

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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Can you show me how this is done? Bailey’s standard labor cost of producing one unit of Product DD is 1.7 hours at a rate of $12.9 per hour. During August, 1,462 hours were incurred at a cost of $11.8 per hour to produce 1,257 units of Product DD. Bailey’s direct labor rate variance is $__________ Indicate the amount and whether it is Favorable or Unfavorable by placing F or U by amount, do not skip a space and do not use $ in your answer. For example, if your answer is $1,000 favorable, answer 1000F Selected Answer: 8.24 Correct Answer: 1,608 ± 1 (F)
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