Homework Answers
Solution 9:
Company adjusted cost of goods sold = Unadjusted COGS - Favorable variance + Unfavorable variances
= $84,000 + $4,000 - $1,000 + $3,000 + $4,000
= $94,000
Solution 10:
Standard cost for labor per bottle = Standard hour per unit * SR of labor = 4*$11 = $44
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QUESTION 9 2 points Elisabeth Company's unadjusted CCOGS for 20X1 was $84,000. They had a $4,000 unfavorable direc...
QUESTION 7 2 points A firm with a standard costing system budgets 5,000 direct labor hours...
QUESTION 7 2 points A firm with a standard costing system budgets 5,000 direct labor hours at $21 per hour to make 2,000 units. The firm actually produced 3,000 units using 7,000 direct labor hours at $23 per hour. When labor occurred during the period, what was the total dollar value of the debit to Work-In-Process Inventory? Garland Company uses a standard cost system. The standard for each finished unit of product allows for 3.5 pounds of plastic at $0.73...
QUESTION 4 Alex Company manufactures boats in bottles (to sell to rich people who don't have...
QUESTION 4 Alex Company manufactures boats in bottles (to sell to rich people who don't have the time to make them themselves). For their standard costing system they allow 5 hours of direct labor per bottle at a wage of $12 per hour. The last batch only took 4.5 hours per bottle. They made 12 bottles. However, they ended up paying employees $12 per hour. What is the standard cost for labor per bottle? (in dollars per bottle) QUESTION 5...
(1) Alex Company manufactures boats in bottles (to sell to rich people who don’t have the time to make them themselves)....
(1) Alex Company manufactures boats in bottles (to sell to rich people who don’t have the time to make them themselves). For their standard costing system they allow 4 hours of direct labor per bottle at a wage of $12 per hour. The last batch only took 4.5 hours per bottle. They made 12 bottles. However, they ended up paying employees $12 per hour. What is the standard cost for labor per bottle? (in dollars per bottle) (2) Garland Company...
Drop down box options: Favorable, Unfavorable, Neither Favorable or Unfavorable Lewis Company's standard labor cost of...
Drop down box options: Favorable, Unfavorable, Neither
Favorable or Unfavorable
Lewis Company's standard labor cost of producing one unit of Product DD is 3.90 hours at the rate of $13.20 per hour. During August, 40,800 hours of labor are incurred at a cost of $13.30 per hour to produce 10,300 units of Product DD. (a) Compute the total labor variance. Total labor variance (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance Compute the labor...
Parrott Corporation produced 4,000 units of their product in the current period. All work must be...
Parrott Corporation produced 4,000 units of their product in the current period. All work must be shown - Total 24 points Each unit is budgeted (Standard Cost) as follows: Direct materials, 5 yards at $ 3.50 per yard Direct labor, 7 hours at $ 8.00 per hour Factory overhead, $ 27 per unit produced. Actual costs for the current period’s production for 4,000 units are as follows: Direct materials, 21,500 yards at $ 3.30 per yard Direct labor, 27,900 hours...
\ QUESTION 6 The following information describes a company's usage of direct labor in a recent...
\ QUESTION 6 The following information describes a company's usage of direct labor in a recent period: Actual direct labor hours used: 34,000 Actual rate per hour: $23 Standard rate per hour: $14.75 Standard hours per units produced: 30,000 How much is the direct labor efficiency variance? a. $59,000 (Favorable) b. $92,000 (Unfavorable) c. $92,000 (Favorable) d. $59,000 (Unfavorable) 2.5 points QUESTION 7 Victoria Corp. manufactures quality vases. Budgeted production data for the vases are as follows: January budgeted...
Oroblem #3 (5 points Direct Labor Variance Following information describes a company's usage of direct labor...
Oroblem #3 (5 points Direct Labor Variance Following information describes a company's usage of direct labor in a recent period: 44,000 Actual direct labor hours used Actual rate per hour Standard rate per hour Standard hours per unit Actual Units produced 8000. A) How much is the direct labor efficiency variance? B) How much is the direct labor price variance? C) How much is the Total Direct Labor Variance?
The following information describes a company's direct labor usage in a recent period. Actual direct labor...
The following information describes a company's direct labor usage in a recent period. Actual direct labor hours used (AH) Actual direct labor rate per hour (AR) Standard direct labor rate per hour (SR) Standard direct labor hours for units produced (SH) 55,000 $ 14 $ 12 56,200 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate and efficiency variances for the period and classify each as favorable, unfavorable...
Cavern Company's output for the current period results in a $5,250 unfavorable direct material price variance....
Cavern Company's output for the current period results in a $5,250 unfavorable direct material price variance. The actual price per pound is $56 50 and the standard price per pound is $55.00 How many pounds of material are used in the current period? 5,393 5,110 3,500 3,750 4,000. Levelor Company's flexible budget shows $10,710 of overhead at 75% of capacity, which was the operating level achieved during May However, the company applied overhead to production during May at a rate...
QUESTION 7 2 points A firm with a standard costing system budgets 5,000 direct labor hours at $21 per hour to make 2,000 units. The firm actually produced 3,000 units using 7,000 direct labor hours at $23 per hour. When labor occurred during the period, what was the total dollar value of the debit to Work-In-Process Inventory? Garland Company uses a standard cost system. The standard for each finished unit of product allows for 3.5 pounds of plastic at $0.73...
QUESTION 4 Alex Company manufactures boats in bottles (to sell to rich people who don't have the time to make them themselves). For their standard costing system they allow 5 hours of direct labor per bottle at a wage of $12 per hour. The last batch only took 4.5 hours per bottle. They made 12 bottles. However, they ended up paying employees $12 per hour. What is the standard cost for labor per bottle? (in dollars per bottle) QUESTION 5...
Drop down box options: Favorable, Unfavorable, Neither
Favorable or Unfavorable
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Oroblem #3 (5 points Direct Labor Variance Following information describes a company's usage of direct labor in a recent period: 44,000 Actual direct labor hours used Actual rate per hour Standard rate per hour Standard hours per unit Actual Units produced 8000. A) How much is the direct labor efficiency variance? B) How much is the direct labor price variance? C) How much is the Total Direct Labor Variance?
The following information describes a company's direct labor usage in a recent period. Actual direct labor hours used (AH) Actual direct labor rate per hour (AR) Standard direct labor rate per hour (SR) Standard direct labor hours for units produced (SH) 55,000 $ 14 $ 12 56,200 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate and efficiency variances for the period and classify each as favorable, unfavorable...
Cavern Company's output for the current period results in a $5,250 unfavorable direct material price variance. The actual price per pound is $56 50 and the standard price per pound is $55.00 How many pounds of material are used in the current period? 5,393 5,110 3,500 3,750 4,000. Levelor Company's flexible budget shows $10,710 of overhead at 75% of capacity, which was the operating level achieved during May However, the company applied overhead to production during May at a rate...
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