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During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual Standard Job Number Hours Costs Hours Costs Total Variance A257 210 $4,620 215 $4,730 $110 F A258 470 11,280 450 9,900 1,380 U A259 310 7,254 312 6,864 390 U A260 100 2,000 95 2,090 90 F Total variance $1,570 U Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent. Prepare a report for the plant supervisor on direct labor cost variances for March. (Round actual rate and standard rate to 2 decimal places, eg. 10.50.)

During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual Standard Job Number Hours Costs Hours Costs Total Variance A257 210 $4,620 215 $4,730 $110 F A258 470 11,280 450 9,900 1,380 U A259 310 7,254 312 6,864 390 U A260 100 2,000 95 2,090 90 F Total variance $1,570 U Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent. Prepare a report for the plant supervisor on direct labor cost variances for March. (Round actual rate and standard rate to 2 decimal places, eg. 10.50.)

Financial & Managerial Accounting
Financial & Managerial Accounting
14th Edition
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter22: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 9DQ: If variances are recorded in the accounts at the time the manufacturing costs are incurred, what...
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During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual Standard Job Number Hours Costs Total Variance Costs Hours A257 210 $4,620 215 $4,730 $110 F A258 470 11,280 450 9,900 1,380 U A259 310 7,254 312 6,864 390 U A260 100 2,000 95 2,090 90 F Total variance $1,570 U Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent. Prepare a report for the plant supervisor on direct labor cost variances for March. (Round actual rate and standard rate to 2 decimal places, eg. 10.50.)
Transcribed Image Text:During March 2020, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual Standard Job Number Hours Costs Total Variance Costs Hours A257 210 $4,620 215 $4,730 $110 F A258 470 11,280 450 9,900 1,380 U A259 310 7,254 312 6,864 390 U A260 100 2,000 95 2,090 90 F Total variance $1,570 U Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent. Prepare a report for the plant supervisor on direct labor cost variances for March. (Round actual rate and standard rate to 2 decimal places, eg. 10.50.)
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Transcribed Image Text:TOBY TOOL & DIE COMPANY Direct Labor Variance Report Quantity Actual Standard Variance Rate Rate %24 %24 %24 %24 %24 > > >
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