FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Malbasa Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 4 hours. The direct labor standard wage rate at the firm is $16.50 per hour. Last month, 3,570 direct labor hours were used to prepare 900 tax returns. Total wages were $66,045. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is Requirements 1. What is the actual (direct labor) wage rate per hour paid last month? 2. What is the direct labor rate variance? 3. What is the direct labor efficiency variance? 4. How might the direct labor rate variance for the firm last month be causing direct labor efficiency variance?
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Transcribed Image Text:Malbasa Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 4 hours. The direct labor standard wage rate at the firm is $16.50 per hour. Last month, 3,570 direct labor hours were used to prepare 900 tax returns. Total wages were $66,045. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) The actual (direct labor) wage rate per hour paid last month is Requirements 1. What is the actual (direct labor) wage rate per hour paid last month? 2. What is the direct labor rate variance? 3. What is the direct labor efficiency variance? 4. How might the direct labor rate variance for the firm last month be causing direct labor efficiency variance?
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