None Use the following data to find the total direct labor cost variance if the company produced 3,700units during the period.Direct labor standard (4hrs. @ $6/hr.) $24Actual hours workedActual rate per houra. $7,400 unfavorableb. $12,950 favorable.c. $64,750 favorable.d. $4,625 unfavorable.e. $7,400 favorable.3,700$6.50During the last year, Lucky Corp. generated $702 million in cash flow from operatingactivities and had negative cash flow generated from investing activities (-$384 million).At the end of the first year, Lucky Corp. had $120 million in cash on its balance sheet, andthe firm had $280 million in cash at the end of the second year. What was the firm's cashflow (CF) due to financing activities in the second year?A. $197.50 millionB. $118.50 millionC. -$79.00 millionD. -$158.00 million

Total 2 questions are given in this question and solution of both are given below. Question : 1…

Answered: Use the following data to find the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PA: Ellis Companys labor information for September is as follows: A. Compute the standard direct labor...

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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?
Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured 115,000 units. The standard cost sheet indicates that the standard direct labor cost per unit is $1.50. The performance report for the period includes an unfavorable direct labor rate variance of $3,700 and a favorable direct labor time variance of $10,275. What was the total actual cost of direct labor incurred during the period?
At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the total factory cost variance favorable or unfavorable? (b) Are the controllable and volume variances favorable or 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?
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?
Direct materials and direct labor variance analysis Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Instructions Determine (A) the standard cost per unit for direct materials and direct labor; (B) the price variance, quantity variance, and total direct materials cost variance; and (C) the rate variance, time variance, and total direct labor cost variance.
Using High-Low to Calculate Predicted Total Variable Cost and Total Cost for a Time Period That Differs from the Data Period Refer to the information for Pizza Vesuvio on the previous page. Assume that this information was used to construct the following formula for monthly labor cost. TotalLaborCost=5,237+(7.40EmployeeHours) Required: Assume that 4,000 employee hours are budgeted for the coming year. Use the total labor cost formula to make the following calculations: 1. Calculate total variable labor cost for the year. 2. Calculate total fixed labor cost for the year. 3. Calculate total labor cost for the coming year. Use the following information for Brief Exercises 3-17 through 3-20: Pizza Vesuvio makes specialty pizzas. Data for the past 8 months were collected:
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?
Use the following data to find the total direct labor cost variance if the company produced 3,700 units during the period. Direct labor standard (4hrs. @ $6/hr.) $24 Actual hours worked Actual rate per hour a. $7,400 unfavorable b. $12,950 favorable. c. $64,750 favorable. d. $4,625 unfavorable. e. $7,400 favorable. 3,700 $6.50
Use the following data to find the total direct labor cost variance if the company produced 3,700 units during the period. Direct labor standard (4hrs. @ $6/hr.) $24 Actual hours worked Actual rate per hour a. $7,400 unfavorable b. $12,950 favorable. c. $64,750 favorable. d. $4,625 unfavorable. e. $7,400 favorable. 3,700 $6.50 During the last year, Lucky Corp. generated $702 million in cash flow from operating activities and had negative cash flow generated from investing activities (-$384 million). At the end of the first year, Lucky Corp. had $120 million in cash on its balance sheet, and the firm had $280 million in cash at the end of the second year. What was the firm's cash flow (CF) due to financing activities in the second year? A. $197.50 million B. $118.50 million C. -$79.00 million D. -$158.00 million
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