A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $9 per pound. 3 DLH@ $16 per DLH 3 DLH @ $11 per DLH Direct materials. Direct labor Overhead Units manufactured = Actual Hours = Standard Hours = Actual Rate = Standard Rate Actual Results 46,700 pounds @ $9.10 per pound 22,700 hours @ $16.60 per hour $ 259,900 rcise 21-10 (Algo) Direct labor variances LO P3 pute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance rable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost 7,700 units Standard Cost
A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $9 per pound. 3 DLH@ $16 per DLH 3 DLH @ $11 per DLH Direct materials. Direct labor Overhead Units manufactured = Actual Hours = Standard Hours = Actual Rate = Standard Rate Actual Results 46,700 pounds @ $9.10 per pound 22,700 hours @ $16.60 per hour $ 259,900 rcise 21-10 (Algo) Direct labor variances LO P3 pute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance rable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost 7,700 units Standard Cost
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Topic Video
Question
Hardev
![Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
A manufactured product has the following information for June.
Standard Quantity and Cost
6 pounds @ $9 per pound
3 DLH @ $16 per DLH
3 DLH@ $11 per DLH
Direct materials
Direct labor
Overhead
Units manufactured
AH = Actual Hours
SH=Standard Hours
AR= Actual Rate
SR=Standard Rate
Actual Results
46,700 pounds @ $9.10 per pound
22,700 hours @ $16.60 per hour
$ 259,900
Exercise 21-10 (Algo) Direct labor variances LO P3
Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by sel-
favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)
Actual Cost
7,700 units
Standard Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F09e94c55-259f-403d-99c5-a20c753eefc0%2Fbf12ee18-102c-4a75-b1f0-6f68d6b745a7%2F8o7kw8t7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
A manufactured product has the following information for June.
Standard Quantity and Cost
6 pounds @ $9 per pound
3 DLH @ $16 per DLH
3 DLH@ $11 per DLH
Direct materials
Direct labor
Overhead
Units manufactured
AH = Actual Hours
SH=Standard Hours
AR= Actual Rate
SR=Standard Rate
Actual Results
46,700 pounds @ $9.10 per pound
22,700 hours @ $16.60 per hour
$ 259,900
Exercise 21-10 (Algo) Direct labor variances LO P3
Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by sel-
favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)
Actual Cost
7,700 units
Standard Cost
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 7 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education