Century 21 Accounting: General Journal, Copyright Update (Century 21 Accounting Series)
10th Edition
ISBN: 9781305947771
Author: Claudia Bienias Gilbertson, Mark W. Lehman, Debra Gentene
Publisher: Cengage Learning
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Direct Labor Variance
Karina will make 5,000 jackets with standard quantity of leather per jacket of 120.03 square inches of material @ $0.25/square inch. The actual quantity of leather per jacket for those 5,000 jackets produced
was 122.53 square inches of material @ $0.24/square inch. The standard labor to produce each jacket is one hour for each jacket with a cost of $16.50/hour. The actual labor used to produce each jacket was
1.06 hours at $16/hour.
Actual Hours (AH)
Actual Rate (AR)
Actual Cost (AH * AR)
Total Direct
=
Labor Variance
Actual Cost
Actual Hours
@ Actual Rate
Labor Rate
Variance
Actual Hours
@Standard Rate
Actual Hours (AH)
Standard Rate (SP)
Actual Hours @
Standard Rate (AH * SP)
Labor Efficiency
Variance
Standard Cost
Standard Hours
@ Standard Rate
Standard Hours (SQ)
Standard Rate (SP)
Standard Cost (SQ * SP)
How much is the firm's ending equity on these financial accounting question?
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