abor 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? - X C 3. What is the direct labor efficiency variance? 4. How might the direct labor rate variance for the firm last month be causing the direct labor efficiency variance?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

question 4

attached

ss

below

42toi4jt2oi4

2

ijt24io2g

4

 

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?
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?
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Federal Insurance Contributions Act (FICA)
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.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education