I want to correct answer general accounting Tip Top Corp. produces a product that requires10.0 standard hours per unit at a standard hourlyrate of $15.00 per hour. If 5,800 units required60,300 hours at an hourly rate of $14.70 perhour, what is the direct labor (a) rate variance,(b) time variance, and (c) cost variance?

Step 1: Define Labor VarianceA labor variance measures the effectiveness of a company in using labor…

Answered: Tip Top Corp. produces a product that…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 17EB: The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per...

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Given the following information in standard costing: Standard 18,200 hours at $6.20 Actual 18,000 hours at $6.00 What is the direct labor rate variance?
Japan Company produces lamps that require 3 standard hours per unit at a standard hourly rate of $20.10 per hour. Production of 4,600 units required 13,390 hours at an hourly rate of $20.50 per hour. What is the direct labor (a) rate variance, (b) time variance, and (c) total cost varianc
Would it also be favorable or not?
The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10,500. If the direct labor rate variance was P10,500 unfavorable, and the standard rate of pay was P12 per direct labor hour, what was the actual rate of pay for direct labor? A. P11 per hour B. P9 per hour C. P13 per hour D. P12 per hour
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Tip Top Corp. produces a product that requires 10.0 standard hours per unit at a standard hourly rate of $15.00 per hour. If 5,800 units required 60,300 hours at an hourly rate of $14.70 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance?