Current Attempt in Progress Blossom Company's standard labor cost of producing one unit of Product DD is 3.40 hours at the rate of $10.50 per hour. During August, 42,900 hours of labor are incurred at a cost of $10.70 per hour to produce 12,400 units of Product DD. (a) Compute the total labor variance. Total labor variance $ (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance $ (c) $ Labor price variance 16350 Compute the labor price and quantity variances, assuming the standard is 3.6 hours of direct labor at $10.85 per hour. $ Labor quantity variance $ Unfavorable
Current Attempt in Progress Blossom Company's standard labor cost of producing one unit of Product DD is 3.40 hours at the rate of $10.50 per hour. During August, 42,900 hours of labor are incurred at a cost of $10.70 per hour to produce 12,400 units of Product DD. (a) Compute the total labor variance. Total labor variance $ (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance $ (c) $ Labor price variance 16350 Compute the labor price and quantity variances, assuming the standard is 3.6 hours of direct labor at $10.85 per hour. $ Labor quantity variance $ Unfavorable
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 4P: Calculation of materials and labor variances
Fritz Corp. manufactures and sells a single product....
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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