Need correct and complete solution
Homework Answers
LABOUR COST VARIANCE (LCV)= STANDARD COST - ACTUAL COST
LABOUR RATE VARIANCE (LRV) = ACTUAL TIME * [STANDARD RATE - ACTUAL RATE ]
LABOUR EFFICIENCY VARIANCE (LEV) = STANDARD RATE * [ STANDARD TIME - ACTUAL TIME ]
VERIFY USING LCV = LRV + LEV
| DEPT A | DEPT B | |
| LCV | -5000 | +10000 |
| LRV | -8000 | +12000 |
| LEV | +3000 | -2000 |
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Example 5: Using the following information calculate each of three labour...
CR Company has the following estimated costs for the next year: Direct materials Direct labour Rent...
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9. Markus Limited produces a specialised machine part used in forklifts. For last year's perations, the following d...
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Chancer plc has two departments through which work passes. Costs are related to these departments and...
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using Alternative method as shown in this picture Materials used ? Labour cost ? ? nal...
using Alternative method as shown in this picture
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Variances questions, Introduction To Management Accounting 2 help me in all of them please if possible....
Variances questions, Introduction To Management Accounting 2
help me in all of them please if possible. thank you.
QUESTION -VARIANCES 2 The standard cost card for product Z shows the following details: Standard costs per unit of Z produced: 4 kgs of material A €3.10 per kg 3 litres of material B @ €1.70 per litre 2.5 hours of direct labour €12 per hour Variable production overhead @ €10 per direct labour hour Standard factory cost per unit 12.40 5.10...
Question 3 Blue Ltd a manufacturing business with three production departments and one service department and...
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sol th Question 4 (10 marks) The following is the standard cost card for X Company's...
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SHOW ALL THE WORK IN GREAT DETAIL The following is the standard cost card for Harper...
SHOW ALL THE WORK IN GREAT DETAIL
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fill in the missing numbers Consider the following data provided for each of the following independent...
fill in the missing numbers
Consider the following data provided for each of the following independent cases. For each case assume that the business uses a standard cost system and a flexible budget to control variable and fixed manufacturing overhead, and applies manufacturing overhead on the basis of direct labour hours. Fill in the blanks for each case, and indicate whether the variances are favourable (F) or unfavourable (U). Phi Company Pho Company Number of labour hours budgeted $10,600 hrs...
CR Company has the following estimated costs for the next year: Direct materials Direct labour Rent on factory building Sales salaries Depreciation on factory equipment Indirect labour Production supervisor's salary $ 4,000 20,000 15,000 25,000 8,000 10,000 12,000 CR Company estimates that 20,000 labour hours will be worked during the year. If overhead is applied on the basis of direct labour hours, the overhead rate per hour will be?
9. Markus Limited produces a specialised machine part used in forklifts. For last year's perations, the following data were gathered: Units produced: 55,000 Direct labour: 29,000 hours @ $9.00 Actual variable overhead: $135,000 Markus employs a standard costing system. During the year, a variable overhead rate of $5.00 was used. labour standard requires 0.50 hours per unit produced. The variable overhead spending and efficiency variances are, respectively: A. $10,000 U and $7,500 U B. $10,000 F and $7,500 U C....
using Alternative method as shown in this picture
Materials used ? Labour cost ? ? nal Entries (LO2, LO3. L04 PROBLEM 10B-3 Comprehensive Variance Analysis: Journal Entries ILO LOS. LO6, LO9] Haliburton Mills Inc. is a large producer of men's and women's clothing standard costs for all of its products. The standard costs and actual costs for are given below for one of the company's product lines (per unit of product 's clothing. The company uses al costs for a...
Variances questions, Introduction To Management Accounting 2
help me in all of them please if possible. thank you.
QUESTION -VARIANCES 2 The standard cost card for product Z shows the following details: Standard costs per unit of Z produced: 4 kgs of material A €3.10 per kg 3 litres of material B @ €1.70 per litre 2.5 hours of direct labour €12 per hour Variable production overhead @ €10 per direct labour hour Standard factory cost per unit 12.40 5.10...
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SHOW ALL THE WORK IN GREAT DETAIL
The following is the standard cost card for Harper Inc's only product: Direct material, 4 oz. at $3.00/oz. Direct labour, 0.5 hours at $14.70/DLH Variable MOH, 0.5 hours at $20.00/DLH Fixed MOH, 0.5 hours at $28.00/DLH Standard cost per unit $12.00 7.35 10.00 14.00 $41.00 The company manufactured and sold 8,000 units of product during the year. A total of 20,000 oz. of material was purchased during the year at a total cost...
fill in the missing numbers
Consider the following data provided for each of the following independent cases. For each case assume that the business uses a standard cost system and a flexible budget to control variable and fixed manufacturing overhead, and applies manufacturing overhead on the basis of direct labour hours. Fill in the blanks for each case, and indicate whether the variances are favourable (F) or unfavourable (U). Phi Company Pho Company Number of labour hours budgeted $10,600 hrs...
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