Homework Answers
Direct labor price variance = (standard price - actual price)*actual hours
= (14-136500/9600)*9600
= $2100 Unfavorable
Direct labor efficiency variance = (standard hours - actual hours)*standard rate
= (5600*1.5-9600)*14
= $16800 unfavorable
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The standard direct labor cost per unit for a company was $21 (= $14 per hour...
4 The standard direct labor cost per unit for a company was $24 (= $16 per...
4 The standard direct labor cost per unit for a company was $24 (= $16 per hour x 1.5 hours per unit). During the period, actual direct labor costs amounted to $157,400, 9,700 labor-hours were worked, and 5,700 units were produced. 4 Required: Compute the direct labor price and efficiency variances for the period. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) points...
Reed Corp, has set the following standard direct materials and direct labor costs per unit for...
Reed Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. @ 54 per lb.) Direct labor (4 hrs. $15 per hr.) During June the company incurred the following actual costs to produce 8.400 units Direct materials (136.700 lbs. 33.70 per lb.) Direct labor (37,200 hrs. $15.10 per hr.). $505,790 561, 720 AH = Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate AO -...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.) $80
Direct labor (4 hrs. @ $15 per hr.) $60
During June the company incurred the following actual costs to
produce 9,000 units.
Direct materials (146,700 lbs. @ $4.75 per lb.) $696,825
Direct labor (40,300 hrs. @ $15.10 per hr.). $608,530
AH = Actual Hours
SH = Standard Hours
AR = Actual...
Direct Labor: Quantity, 0.26 hour Rate, $13.00 per hour Direct Material: Quantity, 5 kilograms Price, $0.62...
Direct Labor: Quantity, 0.26 hour Rate, $13.00 per hour Direct Material: Quantity, 5 kilograms Price, $0.62 per kilogram Actual material purchases amounted to 243,600 kilograms at $0.650 per kilogram. Actual costs incurred in the production of 42,000 units were as follows: Direct labor: Direct material: $160,776 for 12,180 hours $141,960 for 218,400 kilograms Required: 1. Use the variance formulas to compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Indicate...
The records of Norton, Inc. show the following for July. Standard labor-hours allowed per unit of...
The records of Norton, Inc. show the following for July. Standard labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor Direct labor efficiency variance Actual variable overhead 1.7 32 60,000 103,000 $4,429,000 $ 42,000 u $3,099,000 Required: Compute the direct labor and variable overhead price and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable,...
The records of Norton, Inc. show the following for July. Standard labor-hours allowed per unit of...
The records of Norton, Inc. show the following for July. Standard labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor Direct labor efficiency variance Actual variable overhead 1.7 $ 32 60,000 104,000 $2,367,000 $ 40,000 u $3,100,000 Required: Compute the direct labor and variable overhead price and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for...
The records of Norton, Inc. show the following for July. Standard labor-hours allowed per unit of...
The records of Norton, Inc. show the following for July. Standard labor-hours allowed per unit of output 2.5 Standard variable overhead rate per standard direct labor-hour $40 Good units produced 60,000 Actual direct labor-hours worked 151,000 Actual total direct labor $7,649,000 Direct labor efficiency variance $50,000 U Actual variable overhead $5,839,000 Required: Compute the direct labor and variable overhead price and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting âFâ for favorable, or...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. HT SY Direct materials (15 lbs. @ $4 per Direct labor (2 hrs. @ $15 per $60 - 30 During May the company incurred the following actual costs to produce 8,900 units. Direct materials (137,200 lbs. @ $3.80 per lb.) Direct labor (21,100 hrs. @ $15.10 per hr.), $521, 360 JA 318, 610 318,610 AH = Actual Hours SH =...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. @ $3 per lb.) Direct labor (2 hrs. @ $12 per hr.) $30 24 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (92,000 lbs. @ $2.95 per lb.) Direct labor (18,800 hrs. @ $12.05 per hr.) $ 271,400 226,540 AH = Actual Hours SH = Standard Hours AR =...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. $42 Direct materials (14 lbs. @ $3 per lb.) Direct labor (3 hrs. @ $15 per hr.) 45 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (128,900 lbs. @ $2.80 per lb.) Direct labor (31,000 hrs. @ $15.20 per hr.). $360,920 471,200 AH = Actual Hours SH = Standard Hours AR = Actual...
4 The standard direct labor cost per unit for a company was $24 (= $16 per hour x 1.5 hours per unit). During the period, actual direct labor costs amounted to $157,400, 9,700 labor-hours were worked, and 5,700 units were produced. 4 Required: Compute the direct labor price and efficiency variances for the period. (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) points...
Reed Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (16 lbs. @ 54 per lb.) Direct labor (4 hrs. $15 per hr.) During June the company incurred the following actual costs to produce 8.400 units Direct materials (136.700 lbs. 33.70 per lb.) Direct labor (37,200 hrs. $15.10 per hr.). $505,790 561, 720 AH = Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate AO -...
Reed Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.) $80
Direct labor (4 hrs. @ $15 per hr.) $60
During June the company incurred the following actual costs to
produce 9,000 units.
Direct materials (146,700 lbs. @ $4.75 per lb.) $696,825
Direct labor (40,300 hrs. @ $15.10 per hr.). $608,530
AH = Actual Hours
SH = Standard Hours
AR = Actual...
Direct Labor: Quantity, 0.26 hour Rate, $13.00 per hour Direct Material: Quantity, 5 kilograms Price, $0.62 per kilogram Actual material purchases amounted to 243,600 kilograms at $0.650 per kilogram. Actual costs incurred in the production of 42,000 units were as follows: Direct labor: Direct material: $160,776 for 12,180 hours $141,960 for 218,400 kilograms Required: 1. Use the variance formulas to compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Indicate...
The records of Norton, Inc. show the following for July. Standard labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor Direct labor efficiency variance Actual variable overhead 1.7 32 60,000 103,000 $4,429,000 $ 42,000 u $3,099,000 Required: Compute the direct labor and variable overhead price and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable,...
The records of Norton, Inc. show the following for July. Standard labor-hours allowed per unit of output Standard variable overhead rate per standard direct labor-hour Good units produced Actual direct labor-hours worked Actual total direct labor Direct labor efficiency variance Actual variable overhead 1.7 $ 32 60,000 104,000 $2,367,000 $ 40,000 u $3,100,000 Required: Compute the direct labor and variable overhead price and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. HT SY Direct materials (15 lbs. @ $4 per Direct labor (2 hrs. @ $15 per $60 - 30 During May the company incurred the following actual costs to produce 8,900 units. Direct materials (137,200 lbs. @ $3.80 per lb.) Direct labor (21,100 hrs. @ $15.10 per hr.), $521, 360 JA 318, 610 318,610 AH = Actual Hours SH =...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. @ $3 per lb.) Direct labor (2 hrs. @ $12 per hr.) $30 24 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (92,000 lbs. @ $2.95 per lb.) Direct labor (18,800 hrs. @ $12.05 per hr.) $ 271,400 226,540 AH = Actual Hours SH = Standard Hours AR =...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. $42 Direct materials (14 lbs. @ $3 per lb.) Direct labor (3 hrs. @ $15 per hr.) 45 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (128,900 lbs. @ $2.80 per lb.) Direct labor (31,000 hrs. @ $15.20 per hr.). $360,920 471,200 AH = Actual Hours SH = Standard Hours AR = Actual...
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