Unit VIII question 5 %4%24The following direct labor data pertain to the operations of Blue Spruce Corp. for the month of November:Actual labor rate$12.25 per hr.Actual hours used18,240Standard labor rate$12.00 per hr.Standard hours allowedCalculate the labor variances. Identify whether each variance is favorable or unfavorable.Labor Price VarianceLabor Quantity Variance5.Total Labor Variancee Textbook and MediaSerefor LaterAttempts: 0 of 3 usedSubmit Answer

Labor price variance can be calculated by subtracting the actual rate from the standard rate and…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PA: Ellis Companys labor information for September is as follows: A. Compute the standard direct labor...

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Income statement with variances Prepare an income statement through gross profit for Dvorak Company for the month ended July 31 using the variance data in Practice Exercises 25-1B through 23-4B. Assume that Dvorak sold 1,000 units at 90 per unit.
Income statement with variances Prepare an income statement through gross profit for Bellingham Company for the month ended March 31 using the variance data in Practice Exercises 23-1A through 23-4A. Assume that Bellingham sold 15,000 units at 172 per unit.
Income statement with variances Prepare an income statement through gross profit for Bellingham Company for the month ending March 31 using the variance data from Brief Exercises 1, 2, 3, and 4. Assume Bellingham sold 15,000 units at 172 per unit.
Ellis Companys labor information for September is as follows: A. Compute the standard direct labor rate per hour. B. Compute the direct labor time variance. C. Compute the standard direct labor rate if the direct labor rate variance was $2,712.30 (unfavorable).
Income statement with variances Prepare an income statement through gross profit for Dvorak Company for the month ended July 31 using the variance data in Practice Exercises 25-1B through 23-4B. Assume that Dvorak sold 1,000 units at 90 per unit.
Calculating factory overhead: two variances Monrovia Manufacturing Inc. normally produces 10,000 units of product A each month. Each unit requires 4 hours of direct labor, and factory overhead is applied on a direct labor hour basis. Fixed costs and variable costs in factory overhead at the normal capacity are 10 and 5 per unit, respectively. Cost and production data for June follow: a. Calculate the flexible-budget variance. b. Calculate the production-volume variance. c. Was the total factory overhead under- or overapplied? By what amount?

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