None Annapolis Company completes job #601which has a standard of 610 labor hours ata standard rate of $19.30 per hour. The jobwas completed in 590 hours and theaverage actual labor rate was $19.10 perhour.What is the labor rate variance?

Step 1: Introduction to the Labor Rate VarianceLabor rate variance is a variation between the actual…

Answered: Annapolis Company completes job #601…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...

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Coops Stoops estimated its annual overhead to be $85,000 and based its predetermined overhead rate on 24,286 direct labor hours. At the end of the year, actual overhead was $90,000 and the total direct labor hours were 24,100. What is the entry to dispose of the over applied or under applied overhead?
General Accounting
REQUIREMIENTS: What is the predetermined overhead rate? What is the amount of overhead applied for February? If the actual overhead for February is $64,700, what is the overhead variance and is it overapplied or underapplied?
Coleridge Company estimates that its production workers will work 143,000 direct labor hours during the upcoming period and that overhead costs will amount to $1,287,000. Assume overhead to be allocated on the basis of direct labor hours. What predetermined overhead rate would be used to apply overhead to production during the period? Multiple Choice $9.00 per direct labor hour $0.97 per direct labor hour $0.97 per unit $9.00 per unit
Lucky Company's direct labor information for the month of February is as follows: Actual direct labor hours worked (AQ) Standard direct labor hours allowed (SQ) 60,000 Total payroli for direct labor Direct labor efficiency variance 64,000 $ 960,000 $ 58,800 The actual direct labor rate per hour (AP) for February was: Multiple Choice O $14.70. $15.00. $16.00. O $17.30. $17.60.
If annual overhead costs are expected to be $ 784000 and direct labor costs are expected to be $ 1000000, then if the activity base is direct labor costs: a. a predetermined overhead rate cannot be determined. b. for every dollar of manufacturing overhead, 1.28 cents of direct labor will be assigned. c. for every dollar of direct labor, 78.4 cents of manufacturing overhead will be assigned. d. $ 1.28 is the predetermined overhead rate.
Arabica Manufacturing uses a predetermined overhead allocation rate based on the number of machine hours. At the beginning of the year, it estimated total manufacturing overhead costs to be $1,040,000, total number of direct labor hours to be 4,500, and total number of machine hours to be 24,000 hours. What was the predetermined overhead allocation rate? (Round your answer to the nearest cent.) A. $36.49 per direct labor hour B. $231.11 per machine hour C. $53.33 per direct labor hour D. $43.33 per machine hour
A manufacturer estimates that it will incur variable indirect costs for the month of October of$70,000 and $30,000 of fixed costs. The company uses direct labor hours to calculate thepredetermined overhead rate and predicted that 3,000 direct labor hours would be used in October.Actual direct labor hours amounted to 3,200.Required:a. What is the variable predetermined indirect rate for October? b. What is the fixed predetermined indirect cost rate for October? c. What is the total allocation rate per direct labor hour for October?
Larson Manufacturing uses a standard cost system. The direct labor cost standard is $11.00 direct labor hour. The direct labor efficiency standard is 0.5 direct labor hour per unit. Actual direct labor for the month is 1,200 hours for a total cost of $18,000.00. Production for the month was 3,100 units. The journal entry to record direct labor incurred but not paid would be: O A. Work-in - Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable O B. Work-in - Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable O C. Work-in - Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable O D. Work-in - Process Inventory Direct Labor Cost Variance Direct Labor Efficiency Variance Wages Payable 18,000 3,850 3,850 18,000 17,050 4,800 3,850 17,050 4.800 4.800 17,050 17,050 4.800 25,700 3,850 18,000 -C
Assume the following: • The variable portion of the predetermined overhead rate is $1.50 per direct labor-hour. • The standard labor-hours allowed per unit of finished goods is 3 hours. • The variable overhead efficiency variance is $1,500 F. • The company produced 15,000 units of finished goods during the period. What is the actual quantity of direct labor-hours worked during the period? Multiple Choice о о O O 44,000 hours 44,500 hours 43,500 hours 43,000 hours
Using a traditional cost system and applies overhead to production based on machine hours. Estimated overhead cost $150,000 Actual overhead cost $140,000 Estimated machine hours 20,000 hrs Actual machine hours 25,000 Determine the overhead variance for the period? Is it $10,000 overlapped?
XYZ Company uses direct labor to apply overhead. Its production costs for the period are Direct Material: $45,000, Direct labor $35,000 and overhead applied, $70,00. What is the predetermined overhead rate?

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Annapolis Company completes job #601 which has a standard of 610 labor hours at a standard rate of $19.30 per hour. The job was completed in 590 hours and the average actual labor rate was $19.10 per hour. What is the labor rate variance?