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Which of the following is not likely to cause a labor efficiency variance? O a. We...
Last year, our materials price variance was favorable; the materials quantity variance was unfavorable; and the lab...
Last year, our materials price variance was favorable; the materials quantity variance was unfavorable; and the labor efficiency variance was unfavorable. One likely explanation fitting this variance pattern is: O A. Labor costs were higher than expected OB. High quality materials were purchased C. Low quality materials were purchased tortas ware purchased OD. High quality materials were purchased but the labor was badly supervised Reset Selection
Which of the following is true of direct labor variances? a. The labor efficiency variance measures...
Which of the following is true of direct labor variances? a. The labor efficiency variance measures the difference between what was paid to direct laborers and what should have been paid. b. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that should have been used. c. The labor rate variance measures the difference between the labor hours that were originally budgeted and the labor hours that should have been...
20 Which of the following would be LEAST likely to contribute toward an unfavorable Labor Efficiency...
20 Which of the following would be LEAST likely to contribute toward an unfavorable Labor Efficiency Variance? A. The maintenance department has not been adequately monitoring production equipment. B. The production manager lowered variable overhead costs by reducing the supervision of the production line C. The purchasing manager reduced the price of materials by purchasing lower quality materials D. The production manager assigned a greater mix of higher-paid, higher-skilled employees to the production line E. None of the above would...
Determining Unit Costs, Variance Analysis, and Interpretation Big Dog Company, a manufacturer of dog food, produces...
Determining Unit Costs, Variance Analysis, and Interpretation Big Dog Company, a manufacturer of dog food, produces its product in 1,000-bag batches. The standard cost of each batch consists of 7,000 pounds of direct materials at $0.40 per pound, 50 direct labor hours at $8.50 per hour, and variable overhead cost (based on machine hours) at the rate of $10 per hour with 18 machine hours per batch. The following variable costs were incurred for the last 1,000-bag batch produced: Direct...
Please solve second part of 2 and all of 3. I got 4,000 for Labor efficiency variance, but that is not correct and I do...
Please solve second part of 2 and all of 3. I got 4,000 for
Labor efficiency variance, but that is not correct and I don't know
why.
Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company uses a standard cost system for all of its products. According to the standards that have been set for the seat covers, the factory...
We were unable to transcribe this imageRequired: 1. Compute a materials price variance for the plates purchased last mo...
We were unable to transcribe this imageRequired: 1. Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month. 2. For labor cost in the lab: a. Compute a labor rate variance and a labor efficiency variance. b. In most hospitals, one-half of the workers in the lab are senior technicians and one-half are assistants. In an effort to reduce costs, Valley View Hospital employs only one-fourth senior technicians...
1.Which of the following is true about "management by exception"? It requires managers to investigate all...
1.Which of the following is true about "management by exception"? It requires managers to investigate all favorable and unfavorable variances. It requires the use of variance analysis. It rarely requires the use of variance analysis. It requires managers to calculate standard costs, but ignore actual costs. None of the answer choices is correct. 2.Which of the following is most likely to cause an unfavorable direct materials quantity variance? Low quality materials increased waste of materials. High quality materials reduced waste...
2. Compute the direct labor cost variance, including its rate and efficiency variances. Standard Cost Actual...
2. Compute the direct labor cost variance, including its rate and efficiency variances. Standard Cost Actual Cost $ $ 0 0 0 0 3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance Check my work 1 ! Required information 12.5 [The following information applies to the questions displayed below.] points Trico Company set the following standard unit costs...
Which of the following variances exists only under absorption costing? options: production-volume variance efficiency variances spending...
Which of the following variances exists only under absorption costing? options: production-volume variance efficiency variances spending variance sales-volume variance Question 2 (0.33333333 points) General Media manufactures cassettes and CDs in separate divisions utilizing one plant location. The following data have been prepared for review. Fixed operation costs $900,000 Practical capacity 2,500 hours Budgeted usage: Cassette Division 2,000 hours CD Division 350 hours Budgeted variable cost per hour $400 per hour What is the fixed cost per year and the variable...
Labor Variances Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard...
Labor Variances Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor: Leather (3 strips @ $4) $12.00 Direct labor (0.75 hr. @ $12) 9.00 Total prime cost $21.00 During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 287,500 strips at $4.50 per strip. There were no beginning or ending inventories of leather. Actual direct labor...
Last year, our materials price variance was favorable; the materials quantity variance was unfavorable; and the labor efficiency variance was unfavorable. One likely explanation fitting this variance pattern is: O A. Labor costs were higher than expected OB. High quality materials were purchased C. Low quality materials were purchased tortas ware purchased OD. High quality materials were purchased but the labor was badly supervised Reset Selection
20 Which of the following would be LEAST likely to contribute toward an unfavorable Labor Efficiency Variance? A. The maintenance department has not been adequately monitoring production equipment. B. The production manager lowered variable overhead costs by reducing the supervision of the production line C. The purchasing manager reduced the price of materials by purchasing lower quality materials D. The production manager assigned a greater mix of higher-paid, higher-skilled employees to the production line E. None of the above would...
Determining Unit Costs, Variance Analysis, and Interpretation Big Dog Company, a manufacturer of dog food, produces its product in 1,000-bag batches. The standard cost of each batch consists of 7,000 pounds of direct materials at $0.40 per pound, 50 direct labor hours at $8.50 per hour, and variable overhead cost (based on machine hours) at the rate of $10 per hour with 18 machine hours per batch. The following variable costs were incurred for the last 1,000-bag batch produced: Direct...
Please solve second part of 2 and all of 3. I got 4,000 for
Labor efficiency variance, but that is not correct and I don't know
why.
Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company uses a standard cost system for all of its products. According to the standards that have been set for the seat covers, the factory...
We were unable to transcribe this imageRequired: 1. Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month. 2. For labor cost in the lab: a. Compute a labor rate variance and a labor efficiency variance. b. In most hospitals, one-half of the workers in the lab are senior technicians and one-half are assistants. In an effort to reduce costs, Valley View Hospital employs only one-fourth senior technicians...
2. Compute the direct labor cost variance, including its rate and efficiency variances. Standard Cost Actual Cost $ $ 0 0 0 0 3. Compute the overhead controllable and volume variances. Controllable Variance Actual overhead Budgeted overhead Controllable variance Fixed overhead volume variance Budgeted fixed overhead Fixed overhead cost applied Fixed overhead volume variance Check my work 1 ! Required information 12.5 [The following information applies to the questions displayed below.] points Trico Company set the following standard unit costs...
Labor Variances Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor: Leather (3 strips @ $4) $12.00 Direct labor (0.75 hr. @ $12) 9.00 Total prime cost $21.00 During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 287,500 strips at $4.50 per strip. There were no beginning or ending inventories of leather. Actual direct labor...
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