Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

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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 8, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

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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 8, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Expert Solution & Answer

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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 8, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

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 8, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 8, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Answer 6

Chapter 8, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

Answer 7

Chapter 8, Problem 5PB

1.

To determine

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

Answer 8

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

Answer 9

2.

To determine

Compute the actual labor time variance, as a result of typing 88,900 lines.

Answer 10

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

Answer 11

3.

To determine

Compute the direct labor rate variance as a result of the bonus.

Answer 12

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

Answer 13

4.

To determine

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

Answer 14

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Answer 15

5.

To determine

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

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Answer 19

Ch. 8 - What are the basic objectives in the use of...Ch. 8 - What is meant by reporting by the principle of...Ch. 8 - What are the two variances between the actual cost...Ch. 8 - The materials cost variance report for Nickols...Ch. 8 - A. What are the two variances between the actual...Ch. 8 - Prob. 6DQ Ch. 8 - Would the use of standards be appropriate in a...Ch. 8 - A. Describe the two variances between the actual...Ch. 8 - If variances are recorded in the accounts at the...Ch. 8 - Prob. 10DQ

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

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

Compute the direct labor time variance, if the department had typed 81,900 lines according to the original plan.

Compute the actual labor time variance, as a result of typing 88,900 lines.

Compute the direct labor rate variance as a result of the bonus.

Compute the labor time variance in the first week if a new employee had been hired from the employment firm.

State the decision that would be better, paying the bonus, or hiring another transcriptionist.

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Chapter 8 Solutions