Unique Inc. produces brakes for the Jeep Car Company. At the beginning of the year, they had the following standard costs for one batch of brakes: Direct labour (1 hours @ $15.00 per hour) The actual results for the year are: Batches produced Direct labour hours Direct labour cost per hour Required: 15.00 300,000 295,000 $ 15.25 Calculate the labour variances and use your solution to answer the following questions. NOTE: Please enter all variances as positive numbers. The amount of the direct labour rate variance, also called the direct labour price variance, is $ Indicate if the direct labour rate variance is favourable (enter the letter F) or unfavourable (enter the letters UF). UF

Unique Inc. produces brakes for the Jeep Car Company. At the beginning of the year, they had the following standard costs for one batch of brakes: Direct labour (1 hours @ $15.00 per hour) The actual results for the year are: Batches produced Direct labour hours Direct labour cost per hour Required: 15.00 300,000 295,000 $ 15.25 Calculate the labour variances and use your solution to answer the following questions. NOTE: Please enter all variances as positive numbers. The amount of the direct labour rate variance, also called the direct labour price variance, is $ Indicate if the direct labour rate variance is favourable (enter the letter F) or unfavourable (enter the letters UF). UF

Name: Unique Inc. produces brakes for the Jeep Car Company.At the beginning
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Description: Unique Inc. produces brakes for the Jeep Car Company.At the beginning of the year, they had the following standard costs for one batch ofbrakes:Direct labour (1 hours @ $15.00 per hour)The actual results for the year are:Batches producedDirect labou

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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The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) $ 6.00 Direct labor (2 hours @ $12 per hour) $ 24.00 During the period, the company produced and sold 32,000 units incurring the following costs: Direct material 61,000 gallons @ $ 2.90 per gallon Direct labor 59,500 hours @ $ 12.05 per hour The direct material usage variance was:
ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual total overhead $81,140 Actual fixed overhead $33,500 Actual machine hours 11,000 Standard hours for the units produced 10,400 Standard variable overhead rate $4.60 What is the variable overhead efficiency variance? Enter the amount as positive number. Variable overhead efficiency variance $fill in the blank 1
Finch Car Wash, Incorporated expected to wash 1,000 cars during the month of August. Washing each car was expected to require 0.2 hour of labor. The company actually used 216 hours of labor to wash 930 cars. The labor usage variance was $540 unfavorable. Required e. Determine the standard labor price. b. If the actual labor rate is $13, calculate the labor price variance and indicate whether it would be favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (i.e., zero variance). a Standard labor price. b. Total labor price variance
Glassica, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.6 hour per glass, at a cost of 20.00 per hour. The actual results for one month's production of 8,000 glasses is 0.8 hours per glass, at a cost of $19.00 per hour. The direct labor cost variance is O $6,400 F O $9,100 U er O $9,100 F O $25,600 F O $6,400 U
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