Direct labor variances: The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows: Labor rate variance. Labor time variance. To indicate: The two variances between the actual cost, and standard cost for direct labor.

Question

Want to see the full answer?

Answer 1

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 22, Problem 5DQ

A.

To determine

Direct labor variances:

The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows:

Labor rate variance.

Labor time variance.

To indicate: The two variances between the actual cost, and standard cost for direct labor.

B.

To determine

To identify: The person, who generally has control over the direct labor cost variances.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

I want to correct answer general accounting question

Please provide this question solution general accounting

What would be a startup Accounting Firm's communication plan? Describe the role, the strategy, and the execution of a startup Accounting Firm communications plan including: What is the startup Accounting Firm's message? What are the startup Accounting Firm's specific communication vehicles, such as advertising, literature, promotion, or the Internet? Describe a startup Accounting Firm's pricing strategy and specific prices for their service(s). How did they arrive at these prices?

Answer 2

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 22, Problem 5DQ

A.

To determine

Direct labor variances:

The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows:

Labor rate variance.

Labor time variance.

To indicate: The two variances between the actual cost, and standard cost for direct labor.

B.

To determine

To identify: The person, who generally has control over the direct labor cost variances.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 22, Problem 5DQ

A.

To determine

Direct labor variances:

The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows:

Labor rate variance.

Labor time variance.

To indicate: The two variances between the actual cost, and standard cost for direct labor.

B.

To determine

To identify: The person, who generally has control over the direct labor cost variances.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Chapter 22, Problem 5DQ

A.

To determine

Direct labor variances:

The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows:

Labor rate variance.

Labor time variance.

To indicate: The two variances between the actual cost, and standard cost for direct labor.

B.

To determine

To identify: The person, who generally has control over the direct labor cost variances.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 22, Problem 5DQ

A.

To determine

Direct labor variances:

The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows:

Labor rate variance.

Labor time variance.

To indicate: The two variances between the actual cost, and standard cost for direct labor.

B.

To determine

To identify: The person, who generally has control over the direct labor cost variances.

Answer 6

Chapter 22, Problem 5DQ

A.

To determine

Direct labor variances:

The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows:

Labor rate variance.

Labor time variance.

To indicate: The two variances between the actual cost, and standard cost for direct labor.

Answer 7

Chapter 22, Problem 5DQ

A.

To determine

Direct labor variances:

The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows:

Labor rate variance.

Labor time variance.

To indicate: The two variances between the actual cost, and standard cost for direct labor.

Answer 8

B.

To determine

To identify: The person, who generally has control over the direct labor cost variances.

Answer 9

B.

To determine

To identify: The person, who generally has control over the direct labor cost variances.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 22 - What are the basic objectives in the use of...Ch. 22 - What is meant by reporting by the principle of...Ch. 22 - Prob. 3DQ Ch. 22 - The materials cost variance report for Nickols...Ch. 22 - Prob. 5DQ Ch. 22 - Prob. 6DQ Ch. 22 - Prob. 7DQ Ch. 22 - A. Describe the two variances between the actual...Ch. 22 - If variances are recorded in the accounts at the...Ch. 22 - Briefly explain why firms might use non financial...

Solution Summary: The author explains the difference between the actual labor cost in the production and the standard labor costs for actual production.

Concept explainers

Videos

To identify: The person, who generally has control over the direct labor cost variances.

Want to see the full answer?

Chapter 22 Solutions