FINANCIAL ACCOUNTING: TOOLS LL W/ ACCES
9th Edition
ISBN: 9781119493648
Author: Kimmel
Publisher: WILEY
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Financial Accounting Question
Compute the total cost of the warehouse on these financial accounting question
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)
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