NewTone, Inc makes MP3 players and uses standard costing. They recently used 20,000 labor hours to...
NewTone, Inc makes MP3 players and uses standard costing. They recently used 20,000 labor hours to produce 7,000 units. They originally budgeted 21,000 hours to produce 10,000 units with payroll of $332,000. The company’s actual payroll cost amounted to $308,000. What was the direct labor rate variance? Please round to the nearest dollar at the end of your calculations. Also, type "u" for unfavorable or "f" for favorable to indicate the direction of the variance.
Homework Answers
Direct labor rate variance = (Standard rate - Actual rate)*Actual Hours
= (332000/21000 - 308000/20000)*20000
= $8190 Favorable
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NewTone, Inc makes MP3 players and uses standard costing. They recently used 20,000 labor hours to...
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Production in units
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Standard direct labor hours
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Indirect labor
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Power
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Maintenance
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Total variable costs
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Fixed overhead costs
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Overhead Budget
80%
Production in units
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Standard direct labor hours
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$
21,000
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25,000
Power
6,800
Maintenance
5,200
Total variable costs
58,000
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24,000
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