The following labor standards have been established for a particular product:Standard labor-hours per unit of output.Standard labor rate4.0 hoursS12.30 per hourThe following data pertain to operations concerning the product for the last month:Actual hours workedActual total labor cost....Actual butput.7,100 hoursS89,1051,500 unitsWhat is the labor efficiency (quantity) variance for the month?Enter a favorable variance as a positive number; an unfavorable variance as a negative number.ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DESCRIPTIONS.

Name: The following labor standards have been established for a particular
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: The following labor standards have been established for a particular product:Standard labor-hours per unit of output.Standard labor rate4.0 hoursS12.30 per hourThe following data pertain to operations concerning the product for the last month:Actual

Labor efficiency (quantity) variance = (Actual hours worked - Standard hours allowed)*Standard rate…

Business

Accounting

The following labor standards have been established for a particular product: Standard labor-hours per unit of output. Standard labor rate 4.0 hours S12.30 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked.... Actual total labor cost... Actual output. 7,100 hours S89,105 1,500 units What is the labor efficiency (quantity) variance for the month? Enter a favorable variance as a positive number; an unfavorable variance as a negative number. ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DESCRIPTIONS.

The following labor standards have been established for a particular product: Standard labor-hours per unit of output. Standard labor rate 4.0 hours S12.30 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked.... Actual total labor cost... Actual output. 7,100 hours S89,105 1,500 units What is the labor efficiency (quantity) variance for the month? Enter a favorable variance as a positive number; an unfavorable variance as a negative number. ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DESCRIPTIONS.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 8EB: Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450...

See similar textbooks

Similar questions

Direct materials and direct labor variance analysis Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Instructions Determine (A) the standard cost per unit for direct materials and direct labor; (B) the price variance, quantity variance, and total direct materials cost variance; and (C) the rate variance, time variance, and total direct labor cost variance.
At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
Georgia Gasket Co. budgets 8,000 direct labor hours for the year. The total overhead budget is expected to amount to 20,000. The standard cost for a unit of the companys product estimates the variable overhead as follows: The actual data for the period follow: Using the four-variance method, calculate the overhead variances. (Hint: First compute the budgeted fixed overhead rate.)
Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured 115,000 units. The standard cost sheet indicates that the standard direct labor cost per unit is $1.50. The performance report for the period includes an unfavorable direct labor rate variance of $3,700 and a favorable direct labor time variance of $10,275. What was the total actual cost of direct labor incurred during the period?
The normal capacity of a manufacturing plant is 30,000 direct labor hours or 20,000 units per month. Standard fixed costs are 6,000, and variable costs are 12,000. Data for two months follow: For each month, make a single journal entry to charge overhead to Work in Process, to close Factory Overhead, and to record variances. Indicate the types of variances and state whether each is favorable or unfavorable. (Hint: You must first compute the flexible-budget and production-volume variances.)
Standard cost summary; materials and labor cost variances Perkins Processors Inc. produces an average of 10,000 units each month. The factory standards are 20,000 hours of direct labor and 10,000 pounds of materials for this volume. The standard cost of direct labor is 9.00 per hour, and the standard cost of materials is 4.00 per pound. The standard factory overhead at this level of production is 20,000. During the current month the production and cost reports reflected the following information: On the basis of this information: 1. Prepare a standard cost summary. 2. Calculate the materials (use the materials purchase price variance) and labor cost variances, and indicate whether they are favorable or unfavorable, using the formulas on pages 421422 and 424.
At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the total factory cost variance favorable or unfavorable? (b) Are the controllable and volume variances favorable or unfavorable?
Power Co.s labor information for June is as follows: A. What was the actual labor rate per hour? B. What was the standard labor rate per hour? C. What was the total standard labor cost for units produced in June? D. What was the direct labor time variance for June?
Misterio Company uses a standard costing system. During the past quarter, the following variances were computed: Misterio applies variable overhead using a standard rate of 2 per direct labor hour allowed. Two direct labor hours are allowed per unit produced. (Only one type of product is manufactured.) During the quarter, Misterio used 30 percent more direct labor hours than should have been used. Required: 1. What were the actual direct labor hours worked? The total hours allowed? 2. What is the standard hourly rate for direct labor? The actual hourly rate? 3. How many actual units were produced?
Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
Ribcos labor cost information for making its only product for March is as follows: A. What is the direct labor rate variance? B. What is the direct labor time variance? C. What is the total direct labor variance?
Breakaway Companys labor information for May is as follows: A. What is the actual direct labor rate per hour? B. What is the standard direct labor rate per hour? C. What was the total standard direct labor cost for May? D. What was the direct labor rate variance for May?