Homework Answers
| Date | Account Titles and Explanation | Debit | Credit | |
| Mar-31 | Work in progress | $ 54,375 | ||
| Direct labor time variance | $ 3,625 | |||
| Direct labor rate variance | $ 4,000 | |||
| Wages payable | $ 54,000 | |||
| Workings: | ||||
| Work in progress | = | 3000 X 1.25 X 14.50 | ||
| = | $ 54,375 | |||
| Wages payable | = | 4000 X 13.5 | ||
| = | $ 54,000 | |||
| Direct labor time variance | = | [4000 - (3000 X 1.25)] X $14.50 | ||
| = | $ 3,625 | |||
| Direct labor rate variance | = | ($14.50 - $13.50) X 4000 | ||
| = | $ 4,000 | |||
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