8. Using the table below, calculate the labor efficiency variance: Standard - Planned Masks to Produce in January Standard Square Inches Per Cloth Mask Standard Price Per Square Inch Standard Direct Labor Hours Per Mask Standard Direct Labor Wage Per Hour Actual Purchased Square Inches of Cloth Actual Square Inches of Cloth Still in Inventory at End of Jan. Actual Price Per Square Inch Masks Produced in Jan. 8,000 masks 6 sq. inches $0.15 0.2 hours $17 30,000 sq. inches 5,000 sq. inches $0.14 6,000 masks Actual Direct Labor Hours Worked Actual Direct Labor Cost NSWER: $5,100U 1,500 hours $27,000 9. Using the table in Question 8 above, calculate the materials price variance. NSWER: $300F

8. Using the table below, calculate the labor efficiency variance: Standard - Planned Masks to Produce in January Standard Square Inches Per Cloth Mask Standard Price Per Square Inch Standard Direct Labor Hours Per Mask Standard Direct Labor Wage Per Hour Actual Purchased Square Inches of Cloth Actual Square Inches of Cloth Still in Inventory at End of Jan. Actual Price Per Square Inch Masks Produced in Jan. 8,000 masks 6 sq. inches $0.15 0.2 hours $17 30,000 sq. inches 5,000 sq. inches $0.14 6,000 masks Actual Direct Labor Hours Worked Actual Direct Labor Cost NSWER: $5,100U 1,500 hours $27,000 9. Using the table in Question 8 above, calculate the materials price variance. NSWER: $300F

Name: 8. Using the table below, calculate the labor efficiency variance: St
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Description: 8. Using the table below, calculate the labor efficiency variance: Standard hr-Planned Masks to Produce in JanuaryStandard Square Inches Per Cloth MaskStandard Price Per Square InchStandard Direct Labor Hours Per MaskStandard Direct Labor Wage Per H

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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A manufactured product has the following information for June. Standard Quantity and Coat 7 pounds 3 DLH 58 per pound 3 DLH Direct materials Direct labor Overhead Unita manufactured AH Actual Hours SH Standard Hours AR Actual Rate. SR Standard Rate $16 per DLH $11 per DL Actual Cost Actual Resulta 50,900 pounds 21,200 hours $ 243,000 7,200 unita Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places.) $8.20 per pound $16.60 per hour Standard Cost
A firm expected to spend $6 per hour for three hours of direct labor to manufacture one unit of inventory. The firm spent $5 per hour for four hours to make one unit of inventory. The unit direct labor price variance was Select one: a. $4 Favorable. b. $4 Unfavorable. c. $2 Unfavorable. d. $2 Favorable.
The equation for standard labor rate confuses me. Can you help?
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A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate
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Jackson Framing's cost formula for its supplies cost is $1,250 per month plus $14 per frame. For the month of December, the company planned for activity of 819 frames, but the actual level of activity was 822 frames. The actual supplies cost for the month was $12,580. The spending variance for supplies cost in November would be closest to: O $178 F $136 U O $178 F O $136 U
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