With the information provided - please calculate the variances for March 2022. (NOTE: - Each answer must state whether the variance is favorable or unfavorable. 1. Labour rate variance 2. Labour efficiency variance 3. Variable overheads efficiency variance 4. Variable overheads expenditure variance INFORMATIONNevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 perlabour hour.Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurredwas R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.

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Description: With the information provided - please calculate the variances for March 2022. (NOTE: - Each answer must state whether the variance is favorable or unfavorable. 1. Labour rate variance 2. Labour efficiency variance 3. Variable overheads efficiency va

The variance is the difference between the actual data and standard output of the production. Labor…

Business

Accounting

With the information provided - please calculate the variances for March 2022. (NOTE: - Each answer must state whether the variance is favorable or unfavorable. 1. Labour rate variance 2. Labour efficiency variance 3. Variable overheads efficiency variance 4. Variable overheads expenditure variance

With the information provided - please calculate the variances for March 2022. (NOTE: - Each answer must state whether the variance is favorable or unfavorable. 1. Labour rate variance 2. Labour efficiency variance 3. Variable overheads efficiency variance 4. Variable overheads expenditure variance

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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3. Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places.) The drop down options under "actual cost" "standard cost" and the middle box for the first row are: actual rate, standard rate The drop down options for the left bottom 3 rows are: total variable overhead cost variance, variable overhead efficiency variance, variable overhead spending variance, volume variance, direct material variance, Direct labor efficiency variance, direct labor rate variance, direct materials price variance, direct materials quantity variance. the drop down options for the right yellow 3 columns are: favorable, unfavorable, no variance please use the exact format as shown in photos. Thank you !
Which method of closing out the fixed MOH volume variance will have no effect on the financial statements, no matter the capacity used? Question options: a) Prorating the fixed MOH volume variance to FG inventory and COGS. b) Allocating the fixed MOH volume variance equally among WIP Inventory, FG inventory and COGS. c) Prorating the fixed MOH volume variance to WIP Inventory, FG inventory and COGS. d) Allocating the fixed MOH volume variance to COGS.
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Which of the following is true of direct labor variances? a. The labor efficiency variance measures the difference between what was paid to direct laborers and what should have been paid. b. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that should have been used. c. The labor rate variance measures the difference between the labor hours that were originally budgeted and the labor hours that should have been used. d. The labor rate and labor efficiency variances will always add up to the total labor variance. e. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that were originally budgeted.
Required: Calculate all variances and prepare an operating statement for the month endedJune 2015 by using the following table format. Sales variances £ Favourable (F)/Adverse (A) Sales price variance: Sales volume variance: Total sales variance Direct material variances £ Favourable (F)/Adverse (A) Material price variance: Material usage variance: Total direct material variance Direct labour variances £ Favourable (F)/ Adverse (A) Labour rate variance: Labour efficiency variance: Total direct labour variance Variable overhead variances £ Favourable (F)/ Adverse (A) Variable…
Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,900 tech calls last year. It had budgeted 126,800 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour Fixed overhead costs: Annual budget $4,141,800 • Fixed overhead is applied at the rate of $36.00 per call. . Actual tech service call costs: Direct IT specialist services: 120,900 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 40 minutes per call at $22.50 per hour x 120,900 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
Subject-Acounting
The following information was taken from the annual manufacturing overhead cost budget of Tamarisk Company: Variable manufacturing overhead costs Fixed manufacturing overhead costs Normal production level in labour hours Normal production level in units Standard labour hours per unit $35,260 $18,860 16,400 4,100 4 During the year, 4,000 units were produced, 16,300 hours were worked, and the actual manufacturing overhead was $55,600. Actual fixed manufacturing overhead costs equalled the budgeted fixed manufacturing overhead costs. Overhead is applied based on direct labour hours.
Primara Corporation has a standard costing system in which it applies overhead to products on the basis of the standard direct labour- hours allowed for the actual output of the period. Data concerning the most recent year appear below: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours (denominator level of activity) Actual direct labour-hours Standard direct labour-hours allowed for the actual output $ 500,000 $ 508,000 50,000 54,000 52,000 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. Predetermined overhead rate per DLH
M8(7)
Total variance in variance analysis compares ● Flexible budget and actual outcome Static budget and flexible budget Flexible budget and static outcome Static budget and actual outcome