E-6The following data to labor cost standard system were taken from the books of CamotesFoundry Shop.PayrollActual labor hours usedStandard labor hours allowedStandard rate per hourP 1,5961,520 hours1,480 hoursP 1.45Required: Determine the labor cost variance under the following methodsGrA. Two-Way Variance Analysis-1.4

Name: E-6The following data to labor cost standard system were taken from t
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Description: E-6The following data to labor cost standard system were taken from the books of CamotesFoundry Shop.PayrollActual labor hours usedStandard labor hours allowedStandard rate per hourP 1,5961,520 hours1,480 hoursP 1.45Required: Determine the labor cos

The labor cost variance is the difference between the standard direct wages specified for the…

Answered: Determine the labor cost variance under…

Business

Accounting

Determine the labor cost variance under the following methods A. Two-Way Variance Analysis

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 8PA: Breakaway Companys labor information for May is as follows: A. What is the actual direct labor rate...

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(Appendix) Calculating factory overhead: three variances Using the data given in E8-17, calculate the following overhead variances: a. Spending variance. b. Production-volume variance. c. Efficiency variance. d. Was the factory overhead under- or overapplied? By what amount? In all problems involving variances, use F and U to indicate favorable and unfavorable variances, respectively.
Breakaway Companys labor information for May is as follows: A. What is the actual direct labor rate per hour? B. What is the standard direct labor rate per hour? C. What was the total standard direct labor cost for May? D. What was the direct labor rate variance for May?
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nformation of Hanes' direct labor costs for the month of May is as follows: roblem 4: Labor Variance as Actual direct labor rate Standard direct labor hours allowed Actual direct labor hours Direct labor rate variance - favorable P7.50 11,000 10,000 P5,500 Reguired: Compute the standard direct labor rate in effect for the month of May.
Data on Gantry Company's direct labor costs are given below: Standard direct labor-hours Actual direct labor-hours Direct labor efficiency variance-favorable Direct labor rate variance-favorable Total direct labor payroll What was Gantry's actual direct labor rate? re to search Multiple Choice $7.80 $3.40 II
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost $5 per foot ? per hour Direct materials 3 feet $ 15 Direct labor ? hours ? During March, the company purchased direct materials at a cost of $45,375, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $50,400. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,250 U $ 3,400 U $ 1,000 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of…
Direct labor variances Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a standard hourly rate of $22.00 per hour. 15,200 units used 65,200 hours at an hourly rate of $19.50 per hour. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet What is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance b. Direct labor time variance c. Direct labor cost variance