Use the following data to find the total solution this question Use the following data to find the total direct labor cost variance ifthe company produced 3,900 units during the period.Direct labor standard (5 hrs. @ $6/hr.) $30Actual hours workedActual rate per houra. $9,750 favorableb. $9,750 unfavorablec. $17,550 favorabled. $2,925 unfavorablee. $91,650 favorable.3,900$6.50

Step 1: Define Cost VariancesThe cost (or price or rate) variances in standard costing are those…

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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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?
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?
At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
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.
Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is expected to amount to 20,000. The standard cost for a unit of the companys product estimates the variable overhead as follows: The actual data for the period follow: Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)
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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Use the following data to find the direct labor rate variance if the company produced 3,500 units during the period. Direct labor standard (4 hrs. @ $7.10/hr.) $ 28.40 per unit Actual hours worked 12,600 Actual rate per hour $ 7.70
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Use the following data to find the total direct labor cost variance if the company produced 3,500 units during the period. Direct labor standard (4.00 hrs. @ $7.00/hr.) $ 28.00 per unit Actual hours worked 12,650 Actual rate per hour $ 7.40 Multiple Choice $5,600 favorable. $4,390 unfavorable. $5,600 unfavorable. $4,390 favorable. $12,650 favorable.

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