Homework Answers
13.
| Select Unfavorable, Unfavorable (both) | |
|
Labor Rate Variance = (SR-AR) *AH Labor efficiency variance = (SH-AH) *SR |
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Ideal standards O do not allow for machine breakdowns, slack, or lack of skill (even momentarily)....
8. Normal standards: Allow for rest period, machines breakdowns, and setup time Represent levels of performance...
8. Normal standards: Allow for rest period, machines breakdowns, and setup time Represent levels of performance under perfect operating conditions Are rarely used because managers believe they lower workforce morale Are more likely than ideal standards to result in unethical practices 9. The setting of standards is: a. A managerial accounting decision b. A management decision CA worker decision d. Preferably set at the ideal level of performance 10. Each of the following formula is correct EXCEPT: a Labor price...
Which of the following is true if the actual labor rate exceeds the standard labor rate...
Which of the following is true if the actual labor rate exceeds the standard labor rate and the actual labor hours exceed the number of hours allowed? a. Materials Usage Variance Unfavorable; Materials Efficiency Variance Favorable b. Labor Rate Variance Favorable; Labor Efficiency Variance Favorable c. Labor Rate Variance Unfavorable; Labor Efficiency Variance Unfavorable d. Materials Usage Variance Favorable; Materials Efficiency Variance Unfavorable
Check my word Javonte Coset standards of 3 hours of direct labor per unit of product...
Check my word Javonte Coset standards of 3 hours of direct labor per unit of product and $16.60 per hour for the labor rate company uses 21, 000 hours of direct laborata $352,800 total cost to produce 7.200 units of product in November 25.000 hours of direct laborata $421,250 total cost to produce 7600 units of product AH - Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate (1) Compute the direct laborrate variance, the direct...
Four Seasons Industries has established direct labor performance standards for its maintenance and repair shop. However,...
Four Seasons Industries has established direct labor performance standards for its maintenance and repair shop. However, some of the labor records were destroyed during a recent fire. The actual hours worked during August were 2,250, and the total direct labor budget variance was $1,170 unfavorable. The standard labor rate was $14.40 per hour, but recent resignations allowed the firm to hire lower-paid replacement workers for some jobs, and this produced a favorable rate variance of $3,150 for August. Required a....
1.Which of the following remains the same when comparing a flexible budget to a master budget?...
1.Which of the following remains the same when comparing a flexible budget to a master budget? Total sales. Net income. Total variable costs. Total fixed costs. None of the answer choices is correct. 2.When ideal standards are used, which of the following is most likely true? The standards are not likely to be achieved. The standards allow for occasional downtime for equipment. The standards reflect what really happens in the factory. The standards motivate employees to achieve perfection. None of...
HOW DO I CALCULATE? Javonte Co. set standards of 2 hours of direct labor per unit...
HOW DO I CALCULATE?
Javonte Co. set standards of 2 hours of direct labor per unit of product and $16.10 per hour for the labor rate. During October, the company uses 13,000 hours of direct labor at a $211,900 total cost to produce 6,700 units of product. In November, the company uses 17,000 hours of direct labor at a $277,950 total cost to produce 7,100 units of product. AH = Actual Hours SH = Standard Hours AR = Actual Rate...
Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of...
Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $ 6.00 per direct-labor hour 2 hours per unit of output $144,000 24,000 units Actual results for April are as follows: 1 + Actual output Actual variable overhead Actual fixed overhead Actual direct labor 17,000 units $306,000 $141,000 50,000 hours Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by...
Erie Company manufactures a small mp3 player called the Jogging Mate. The company uses standards to...
Erie Company manufactures a small mp3 player called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate mp3 player are as follows: Standard Hours 30 minutes Standard Rate per Hour $6.20 Standard Cost $3.10 During August, 10,370 hours of direct labor time were needed to make 19,400 units of the Jogging Mate. The direct labor cost totaled $63,257 for the month. Required: 1. According to the standards,...
All of the following are true regarding variance investigation except: a. variances are not investigated unless...
All of the following are true regarding variance investigation except: a. variances are not investigated unless they are large enough to be of a concern. b. the investigation should be undertaken only if the anticipated benefits are greater than the expected costs. c. managers must consider whether a variance will recur. d. every variance is investigated. e. it is difficult to assess the costs and benefits of variance analysis on a case-by-case basis. Which of the following is true regarding...
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or...
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours 3 feet ? hours Standard Price or Rate $5 per foot ? per hour Standard Cost $ 15 ? Direct materials Direct labor During March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2,750 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost...
8. Normal standards: Allow for rest period, machines breakdowns, and setup time Represent levels of performance under perfect operating conditions Are rarely used because managers believe they lower workforce morale Are more likely than ideal standards to result in unethical practices 9. The setting of standards is: a. A managerial accounting decision b. A management decision CA worker decision d. Preferably set at the ideal level of performance 10. Each of the following formula is correct EXCEPT: a Labor price...
Check my word Javonte Coset standards of 3 hours of direct labor per unit of product and $16.60 per hour for the labor rate company uses 21, 000 hours of direct laborata $352,800 total cost to produce 7.200 units of product in November 25.000 hours of direct laborata $421,250 total cost to produce 7600 units of product AH - Actual Hours SH - Standard Hours AR - Actual Rate SR Standard Rate (1) Compute the direct laborrate variance, the direct...
Four Seasons Industries has established direct labor performance standards for its maintenance and repair shop. However, some of the labor records were destroyed during a recent fire. The actual hours worked during August were 2,250, and the total direct labor budget variance was $1,170 unfavorable. The standard labor rate was $14.40 per hour, but recent resignations allowed the firm to hire lower-paid replacement workers for some jobs, and this produced a favorable rate variance of $3,150 for August. Required a....
HOW DO I CALCULATE?
Javonte Co. set standards of 2 hours of direct labor per unit of product and $16.10 per hour for the labor rate. During October, the company uses 13,000 hours of direct labor at a $211,900 total cost to produce 6,700 units of product. In November, the company uses 17,000 hours of direct labor at a $277,950 total cost to produce 7,100 units of product. AH = Actual Hours SH = Standard Hours AR = Actual Rate...
Crystal Glassware Company has the following standards and flexible-budget data. Standard variable-overhead rate Standard quantity of direct labor Budgeted fixed overhead Budgeted output $ 6.00 per direct-labor hour 2 hours per unit of output $144,000 24,000 units Actual results for April are as follows: 1 + Actual output Actual variable overhead Actual fixed overhead Actual direct labor 17,000 units $306,000 $141,000 50,000 hours Required: Use the variance formulas to compute the following variances. (Indicate the effect of each variance by...
Erie Company manufactures a small mp3 player called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate mp3 player are as follows: Standard Hours 30 minutes Standard Rate per Hour $6.20 Standard Cost $3.10 During August, 10,370 hours of direct labor time were needed to make 19,400 units of the Jogging Mate. The direct labor cost totaled $63,257 for the month. Required: 1. According to the standards,...
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours 3 feet ? hours Standard Price or Rate $5 per foot ? per hour Standard Cost $ 15 ? Direct materials Direct labor During March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2,750 units of product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost...
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