Which of the following is not true regarding the use of labor variance information? a.The actual...
Which of the following is not true regarding the use of labor variance information?
a.The actual wage rate is used in determining the labor rate variance.
b.Unexpected overtime can cause variation in the labor rate.
c.The production manager controls the use of labor.
d.An average wage rate is chosen as the labor rate standard.
e.The actual wage rate is almost always different from the standard rate.
Homework Answers
| Option E is the answer | |
|
The actual wage rate paid and standard rate established can be different causing the labor rate variance. Hence this statement is incorrect. Comment if you face any issues |
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Which of the following is not true regarding the use of
labor variance information?
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Which of the following statements regarding overhead allocation is true? Actual job costs are almost always...
Which of the following statements regarding overhead allocation is true? Actual job costs are almost always higher than estimated job costs Actual job costs are almost always the same as estimated job costs Actual job costs are almost always different from estimated job costs Actual job costs are almost always lower than estimated job costs
Given the following information regarding direct labor: Actual direct labor hours = 24,000 hours; Actual rate...
Given the following information regarding direct labor: Actual direct labor hours = 24,000 hours; Actual rate per direct labor hour = $14 per hour; Standard direct labor hours per unit = 3 hours per unit; Standard rate per direct labor hour = $11 per hour; Units produced = 9,000 units : -What is the direct labor rate variance? (AR - SR) x AH ? -What is the direct labor efficiency variance? (AH - SH allowed) x SR ?
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
Which of the following is not true of the use of materials variance information? a. The...
Which of the following is not true of the use of materials variance information? a. The production manager is generally responsible for materials usage. b. The production manager is concerned with minimizing scrap, waste, and rework. c. The purchasing department is responsible for acquiring quality materials. d. The purchasing agent has the responsibility for controlling the materials price variance. e. All of these choices are true.
Question 19 (4 points) Which of the following is true regarding wages negotiated by a labor...
Question 19 (4 points) Which of the following is true regarding wages negotiated by a labor union? Othey cause a surplus of labor Othey are a price ceiling Othey are below minimum wage O they keep the labor market in equilibrium
Which of the following will result in an unfavorable direct labor PRICE variance? when actual direct...
Which of the following will result in an unfavorable direct labor PRICE variance? when actual direct labor hours exceed standard direct labor hours when actual direct labor hours are less than standard direct labor hours when the actual direct labor rate exceeds the standard direct labor rate when the actual direct labor rate is less than the standard direct labor rate
Use the following information to answer questions 5 through 8: Actual results Budget data 20,000 units...
Use the following information to answer questions 5 through 8: Actual results Budget data 20,000 units produced and sold 19,000 units planned $1,806,700 $90 Direct materials: 62,300 units of input purchased and used @ $29 per input unit - 2.575 Direct labor: 51,500 hours used per output unit @ $21.50 per hour Direct materials: 3 units of input allowed per output unit @ $30 per input unit 47,500 Direct labor: 2.5 hours of input allowed per output unit @ $20...
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...
Question text DIRECT LABOR VARIANCE ANALYSIS ON PRODUCTION OF SHIRTS: Information Standard Actual Direct material price...
Question text DIRECT LABOR VARIANCE ANALYSIS ON PRODUCTION OF SHIRTS: Information Standard Actual Direct material price per yard $5.00 $5.20 Direct material quantity (yards) 1,000 990 Direct labor rate per hour $10.00 $9.75 Direct labor hours 1,750 1,700 Units produced 2000 1990 Calculate the Direct Labor Time Variance (select from each drop down box): Direct Labor TIME VARIANCE Calculation (Fav)/Unfav Actual DL hours Choose...9901,7002,0001,9901,0001,750 - Standard DL hours -Choose...9901,7002,0001,9901,0001,750 DL hours difference 10(50)50(10) Choose...UnfavorableFavorable x Standard DL rate per hour...
Which of the following is true regarding the above theory stated in question 19? Question 2...
Which of the following is true regarding the above theory stated
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Question 2 options:
Consumers use it to maximize their consumer surplus
Producers use it to capture consumer surplus
Consumers are impatient and afraid something will prevent future
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B & C
Question 19 (4 points) Which of the following is true regarding wages negotiated by a labor union? Othey cause a surplus of labor Othey are a price ceiling Othey are below minimum wage O they...
Which of the following statements regarding overhead allocation is true? Actual job costs are almost always higher than estimated job costs Actual job costs are almost always the same as estimated job costs Actual job costs are almost always different from estimated job costs Actual job costs are almost always lower than estimated job costs
Question 19 (4 points) Which of the following is true regarding wages negotiated by a labor union? Othey cause a surplus of labor Othey are a price ceiling Othey are below minimum wage O they keep the labor market in equilibrium
Use the following information to answer questions 5 through 8: Actual results Budget data 20,000 units produced and sold 19,000 units planned $1,806,700 $90 Direct materials: 62,300 units of input purchased and used @ $29 per input unit - 2.575 Direct labor: 51,500 hours used per output unit @ $21.50 per hour Direct materials: 3 units of input allowed per output unit @ $30 per input unit 47,500 Direct labor: 2.5 hours of input allowed per output unit @ $20...
Which of the following is true regarding the above theory stated
in question 19?
Question 2 options:
Consumers use it to maximize their consumer surplus
Producers use it to capture consumer surplus
Consumers are impatient and afraid something will prevent future
consumption
B & C
Question 19 (4 points) Which of the following is true regarding wages negotiated by a labor union? Othey cause a surplus of labor Othey are a price ceiling Othey are below minimum wage O they...
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