Acme Inc. has the following information available:$ 1.00$ 1.20Actual price paid for materialStandard price for materialActual quantity purchased and used in production100Standard quantity for units produced110$ 15.00$ 16.00Actual labor rate per hourStandard labor rate per hourActual hours200Standard hours for units produced220Calculate the Labor Efficiency (Time) Variance and indicate if the variance is favorable or unfavorable

Name: Acme Inc. has the following information available:$ 1.00$ 1.20Actual
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Description: Acme Inc. has the following information available:$ 1.00$ 1.20Actual price paid for materialStandard price for materialActual quantity purchased and used in production100Standard quantity for units produced110$ 15.00$ 16.00Actual labor rate per hour

Labor efficiency variance = (Actual labor hours - Standard labor hours) x Standard labor rate per…

Business

Accounting

Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced 100 110 $ 15.00 $ 16.00 Actual labor rate per hour Standard labor rate per hour Actual hours 200 Standard hours for units produced 220 Calculate the Labor Efficiency (Time) Variance and indicate if the variance is favorable or unfavorable

Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced 100 110 $ 15.00 $ 16.00 Actual labor rate per hour Standard labor rate per hour Actual hours 200 Standard hours for units produced 220 Calculate the Labor Efficiency (Time) Variance and indicate if the variance is favorable or unfavorable

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 company's product requires 3 direct labor hours per unit at a standard rate of $40 per direct labor hour. During the period, the company made 8,010 units, using 23,825 direct labor hours at an actual cost of $42 per direct labor hour, Compute the direct labor rate variance, the direct labor efficiency variance, and the total direct labor variance. Indicate whether each variance is favorable or unfavorable. AH = Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost $ 0 $ 0 0 $ 0 Standard Cost
The following data relate to direct labor costs for the current period: 7,200 hours at $11.00 6,400 hours at $10.80 Standard costs Actual costs The direct labor time variance is O a. $8,800 unfavorable O b. $8,640 favorable O c. $8,640 unfavorable O d. $8,800 favorable
Compute for the variances of the problem using the information given. Answer the numbers only up to two decimal places. A. Compute for Labor Efficiency Variance B. Compute for Labor Spending Variance C. Compute for Labor Rate Variance
The following data relate to direct labor costs for the current period: Line Item Description Value Standard costs 7,000 hours at $11.90 Actual costs 6,300 hours at $10.70 The direct labor time variance is a. $8,330 unfavorable b. $7,490 favorable c. $7,490 unfavorable d. $8,330 favorable
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A company reports the following information for its direct labor. Actual hours of direct labor used 64,000 Actual rate of direct labor per hour $ 15 Standard rate of direct labor per hour $ 13 Standard hours of direct labor for units produced 65,300 AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable.
Use the information provided to answer the questions. Actual price paid per pound of material $14.00 Total standard pounds for units produced this period 12,400 Pounds of material used 13,150 Direct materials price variance favorable $3,945.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $fill in the blank 1 B. What is the direct materials quantity variance? Direct materials quantity variance $fill in the blank 2 C. What is the total direct materials cost variance? Total direct materials cost variance $fill in the blank 4 D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $fill in the blank 6
Upon your review of Shalom Company's standard cost card. You found the following information: Standards: Material Labor Actual: Production Material Labor 5.0 feet per unit @ P4.00 per foot 3.0 hours per unit @ 35.00 per hour 2,800 units produced during the month 14,500 feet used; 15,100 feet purchased @ P3.70 per foot 8,150 direct labor hours @ P36.00 per hour Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 Format of percentages: 88% Words must be in capital letters. What is the material quantity variance?
Upon your review of Shalom Company's standard cost card. You found the following information: Standards: Material Labor Actual: Production Material Labor 5.0 feet per unit @ P4.00 per foot 3.0 hours per unit @ 35.00 per hour 2,800 units produced during the month 14,500 feet used; 15,100 feet purchased @ P3.70 per foot 8,150 direct labor hours @ P36.00 per hour Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 Format of percentages: 88% Words must be in capital letters. What is the labor efficiency variance?
The following data relate to labor cost for production of 20,000 cellular telephones: 8,450 hrs. at $22.50 8,400 hrs. at $23.00 Actual: Standard: a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance b. The employees may have been less-experienced or poorly trained, thereby resulting in a lower training may have resulted in less ✔efficient performance. Thus, the actual time required was more 50 X Favorable Unfavorable Favorable V ✓ ✓ ✓labor rate than planned. The lower level of experience or ✓than standard.