Identify the manner by which labor rate variance will be multiplied from the difference between the actual labor rate and the standard labor rate.

Question

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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 24, Problem 1STQ

To determine

Identify the manner by which labor rate variance will be multiplied from the difference between the actual labor rate and the standard labor rate.

Expert Solution & Answer

Answer to Problem 1STQ

Option C is the correct answer.

Explanation of Solution

Labor rate variance usually indicates the extents to which the hourly wages rate that are contributed to deviations from standard costs. Labor rate variance is a part of a total labor variance which is caused due to the difference in the standard hourly rate and the actual. The labor rate variance can be calculated by using the formula:

Labor rate variance = Actual Hours ×(Standard hourly rate- Actual hourly rate)

Therefore, from the given explanation Option C (Actual hours worked during the period) is the correct answer and other options a, b and d is incorrect answer.

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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 24, Problem 1STQ

To determine

Identify the manner by which labor rate variance will be multiplied from the difference between the actual labor rate and the standard labor rate.

Expert Solution & Answer

Answer to Problem 1STQ

Option C is the correct answer.

Explanation of Solution

Labor rate variance usually indicates the extents to which the hourly wages rate that are contributed to deviations from standard costs. Labor rate variance is a part of a total labor variance which is caused due to the difference in the standard hourly rate and the actual. The labor rate variance can be calculated by using the formula:

Labor rate variance = Actual Hours ×(Standard hourly rate- Actual hourly rate)

Therefore, from the given explanation Option C (Actual hours worked during the period) is the correct answer and other options a, b and d is incorrect answer.

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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 24, Problem 1STQ

To determine

Identify the manner by which labor rate variance will be multiplied from the difference between the actual labor rate and the standard labor rate.

Expert Solution & Answer

Answer to Problem 1STQ

Option C is the correct answer.

Explanation of Solution

Labor rate variance usually indicates the extents to which the hourly wages rate that are contributed to deviations from standard costs. Labor rate variance is a part of a total labor variance which is caused due to the difference in the standard hourly rate and the actual. The labor rate variance can be calculated by using the formula:

Labor rate variance = Actual Hours ×(Standard hourly rate- Actual hourly rate)

Therefore, from the given explanation Option C (Actual hours worked during the period) is the correct answer and other options a, b and d is incorrect answer.

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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 24, Problem 1STQ

To determine

Identify the manner by which labor rate variance will be multiplied from the difference between the actual labor rate and the standard labor rate.

Expert Solution & Answer

Answer to Problem 1STQ

Option C is the correct answer.

Explanation of Solution

Labor rate variance usually indicates the extents to which the hourly wages rate that are contributed to deviations from standard costs. Labor rate variance is a part of a total labor variance which is caused due to the difference in the standard hourly rate and the actual. The labor rate variance can be calculated by using the formula:

Labor rate variance = Actual Hours ×(Standard hourly rate- Actual hourly rate)

Therefore, from the given explanation Option C (Actual hours worked during the period) is the correct answer and other options a, b and d is incorrect answer.

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Answer 5

Chapter 24, Problem 1STQ

To determine

Identify the manner by which labor rate variance will be multiplied from the difference between the actual labor rate and the standard labor rate.

Expert Solution & Answer

Answer to Problem 1STQ

Option C is the correct answer.

Explanation of Solution

Labor rate variance usually indicates the extents to which the hourly wages rate that are contributed to deviations from standard costs. Labor rate variance is a part of a total labor variance which is caused due to the difference in the standard hourly rate and the actual. The labor rate variance can be calculated by using the formula:

Labor rate variance = Actual Hours ×(Standard hourly rate- Actual hourly rate)

Therefore, from the given explanation Option C (Actual hours worked during the period) is the correct answer and other options a, b and d is incorrect answer.

Answer 6

Chapter 24, Problem 1STQ

To determine

Identify the manner by which labor rate variance will be multiplied from the difference between the actual labor rate and the standard labor rate.

Expert Solution & Answer

Answer to Problem 1STQ

Option C is the correct answer.

Explanation of Solution

Labor rate variance usually indicates the extents to which the hourly wages rate that are contributed to deviations from standard costs. Labor rate variance is a part of a total labor variance which is caused due to the difference in the standard hourly rate and the actual. The labor rate variance can be calculated by using the formula:

Labor rate variance = Actual Hours ×(Standard hourly rate- Actual hourly rate)

Therefore, from the given explanation Option C (Actual hours worked during the period) is the correct answer and other options a, b and d is incorrect answer.

Answer 7

Chapter 24, Problem 1STQ

To determine

Identify the manner by which labor rate variance will be multiplied from the difference between the actual labor rate and the standard labor rate.

Answer 8

Expert Solution & Answer

Answer to Problem 1STQ

Option C is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Labor rate variance usually indicates the extents to which the hourly wages rate that are contributed to deviations from standard costs. Labor rate variance is a part of a total labor variance which is caused due to the difference in the standard hourly rate and the actual. The labor rate variance can be calculated by using the formula:

Labor rate variance = Actual Hours ×(Standard hourly rate- Actual hourly rate)

Therefore, from the given explanation Option C (Actual hours worked during the period) is the correct answer and other options a, b and d is incorrect answer.