12. The following data relate to direct labor costs for August: Actual costs: 8,700 hours at $16.00 per hour Standard costs: 9,000 hours at $13.25 per hour What is the direct labor rate variance? a. $3,975 favorable b. $3,975 unfavorable c. $23,925 favorable d. $23,925 unfavorable

12. The following data relate to direct labor costs for August: Actual costs: 8,700 hours at $16.00 per hour Standard costs: 9,000 hours at $13.25 per hour What is the direct labor rate variance? a. $3,975 favorable b. $3,975 unfavorable c. $23,925 favorable d. $23,925 unfavorable

Name: 12. The following data relate to direct labor costs for August:Actual
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Description: 12. The following data relate to direct labor costs for August:Actual costs: 8,700 hours at $16.00 per hourStandard costs: 9,000 hours at $13.25 per hourWhat is the direct labor rate variance?a. $3,975 favorableb. $3,975 unfavorablec. $23,925 favora

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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Your Company’s cost formula for its wages and salaries is $2,500 per month plus $475 per unit sold. For the month of May, the company planned for activity of 115 units, but the actual level of activity was 120 units. The actual wages and salaries for the month was $56,850. What is the spending variance for wages and salaries in May? Group of answer choices $275 F $2,650 U $275 U $2,650 F
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Your Company’s cost formula for its wages and salaries is $2,500 per month plus $475 per unit sold. For the month of May, the company planned for activity of 120 units, but the actual level of activity was 115 units. The actual wages and salaries for the month was $56,850. What is the spending variance for wages and salaries in May? $2,650 F $ 275 F $ 275 U $2,650 U
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Your Company's cost formula for its wages and salaries is $2,900 per month plus $475 per unit sold. For the month of May, the company planned for activity of 116 units, but the actual level of activity was 117 units. The actual wages and salaries for the month was $56,270. What is the spending variance for wages and salaries in May? O $1,730 F O $1,730 U O $2,205 F O $2,205 U
The following data relate to direct labor costs for the current period: 7,300 hours at $11.40 6,100 hours at $10.80 Standard costs Actual costs The direct labor time variance is Oa. $13,680 unfavorable Ob. $12,960 favorable Oc. $12,960 unfavorable Od. $13,680 favorable
Question 4.
The following data relate to direct labor costs for the current period: Standard 7,400 hours at $11.40 costs Actual costs 6,100 hours at $10.80 The direct labor rate variance is a. $18,480 unfavorable b. $3,660 favorable c. $18,480 favorable X d. $14,820 favorable
Question Content Area Power Co.'s labor information for June is as follows: Direct labor hours worked 68,100 Standard labor hours for units manufactured 71,000 Unfavorable direct labor rate variance $17,025 Total payroll for labor $820,605 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $fill in the blank 1 per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $fill in the blank 2 per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $fill in the blank 3 D. What was the direct labor time variance for June? Direct labor rate variance $fill in the blank 4
X Paradise Corporation has determined a standard labor cost per unit of $28 (0.50 hours $56 per hour). Last month, Paradise incurred 982 direct labor hours, for which it paid $27,005. The company produced and sold 2,750 units during the month. Required: Calculate the direct labor rate, efficiency, and spending variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Round your intermediate calculations to 2 decimal places. Answer is complete but not entirely correct. $ 491 1,104 F F 4,995 F Direct Labor Rate Variance Direct Labor Efficiency Variance Total Direct Labor Spending Variance $ $