--/1Question 19View PoliciesCurrent Attempt in ProgressrtThe standard direct labor cost for producing one unit ofproduct is 5 direct labor.hours at a standard rate of pay of$20. Last month, 13000 units were produced and 62000direct labor hours were actually worked at a total cost of$1116000. The direct labor quantity variance wasO $60000 unfavorable.O $60000 favorable.$73000 favorable.O $73000 unfavorable.hpinsF12f11f10fgf8f7f6f5%3D700O01160TO96

Given:Standard rate = $20 per hourActual Hours = 62,000hoursStandard Hours = 5 hours for 1…

Answered: --/1 Question 19 View Policies Current…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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#21 ToolTime has a standard of 2 hours of labor per unit, at P12 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of P46,970. ToolTime’s labor price variance is Group of answer choices P770 U. P800 U. P1,030 F. P1,930 F. 22. ToolTime has a standard of 2 hours of labor per unit, at P12 per hour. In producing 2,000 units, ToolTime used 3,850 hours of labor at a total cost of P46,970. ToolTime’s labor quantity variance is Group of answer choices P770 U. P1,030 F. P1,800 F. P1,930 F.
Question 1 --/1 View Policies Current Attempt in Progress t In producing product ZZ, 14,800 direct labor hours were used at a rate of $8.20 per hour. The standard was 15,000 hours at $8.00 per hour. Based on this data, the direct labor O price variance is $3,000 unfavorable. O quantity variance is $1,600 unfavorable. O price variance is $2,960 favorable. O quantity variance is $1,600 favorable. hp
-/-1 Question 12 View Policies Current Attempt in Progress hours at $15 per hour. If in producing 2900 units, the actual direct labor cost was $58125 for 3750 direct labor hours The per-unit standards for direct labor are 1.5 direct labor worked, the total direct labor variance is O $3375 unfavorable. O $7125 favorable. O $2900 unfavorable. O $7125 unfavorable. Chp f9 f8 f5 f6 17
10. The following data relate to direct labor costs for the current period: Standard costs 7,500 hours at $11.70 6,000 hours at S12.00 Actual costs What is the direct labor time variance? a. $18,000 favorable b. $18,000 unfavorable c. $17,550 unfavorable d. $17,550 favorable
Each of the following independent situations relates to direct labor. Fill in the blanks. А В C D Units produced 4,000 3,000 Actual hours worked 1,900 8,400 Standard hours for production achieved 2,000 6,000 Standard hours per unit 0.5 2 3 Standard rate per hour P12 P10 P12 Actual labor cost P83,600 P24,500 Rate variance P310U P900U Р300F Efficiency variance P2,000U P1,800F P800 U
Problem 2. Each of the following independent situations relates to direct labor. Fill in the blanks. A в C Units produced 4,000 1,900 3,000 Actual hours worked Standard hours for 8,400 2,000 6,000 production achieved Standard hours per unit Standard rate per hour Actual labor cost 0.5 P10 3 P12 P12 P83,600 P24,500 Rate variance P310U P900U P300F Efficiency variance P2,000U P1,800F P800 U
The following data relate to direct labor costs for the current period: Standard costs 6,000 hours at $12.00 Actual costs 7,500 hours at $11.40 What is the direct labor rate variance? a.$17,100 unfavorable b.$4,500 favorable c.$3,600 favorable d.$18,000 unfavorable
The following data relate to direct labor costs for the current period: Standard costs 6,000 hours at $12.00 Actual costs 7,500 hours at $11.40 The direct labor rate variance is a.$18,000 unfavorable b.$3,600 favorable c.$17,100 unfavorable d.$4,500 favorable
9. The following data relate to direct labor costs for August: Actual costs: 5,500 hours at $24.00 per hour Standard costs: 5,000 hours at $23.70 per hour What is the direct labor rate variance? a. $1,650 favorable b. $1,650 unfavorable c. $1,500 favorable d. $1,500 unfavorable
• The total actual fixed overhead cost was $275,000. • The budgeted amount of fixed overhead cost was $285,000. 46,000 direct labor-hours were actually used to produce 24,060 units. How much was the fixed overhead volume variance? Multiple Choice $3,720 F $13,720 F $3,720 U $13,720 U
The following data relate to direct labor costs for the current period: Line Item Description Value Standard costs 7,000 hours at $11.90 Actual costs 6,300 hours at $10.70 The direct labor time variance is a. $8,330 unfavorable b. $7,490 favorable c. $7,490 unfavorable d. $8,330 favorable
The following data relate to direct labor costs for the current month : Standard Costs : 7,500 hours @ $ 11.50 per hour Actual Costs : 6,000 hours @ $ 12.00 per hour What is the direct labor efficiency ( time ) variance ? $17,250 favorable $3,000 unfavorable $18,000 favorable None of the listed choices are correct $3,750 unfavorable

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