Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the direct labor efficiency variance for December. Was this variance favorable or unfavorable? (Round your finalanswer to nearest whole dollar amount.)Direct-labor efficiency variance< Required 1Required 2 > 4At a recent seminar you attended, the invited speaker was discussing some of the advantages and disadvantages of standard costs interms of evaluating performance and motivating goal-congruent behavior on the part of employees. One criticism of standard costs inparticular caught your attention: The use of conventional standard costs may not provide appropriate incentives for improvementsneeded to compete effectively with world-class organizations. The speaker then discussed so-called continuous-improvementstandard costs. Such standards embody systematically lower costs over time. For example, on a monthly basis, it might be appropriateto budget a 1.0% reduction in per-unit direct labor cost.Assume that the standard wage rate into the foreseeable future is $26 per hour. Assume, too, that the budgeted labor-hour standardfor October of the current year is 1.90 hours and that this standard is reduced each month by 1%. During December of the current yearthe company produced 9,000 units of XL-10, using 16,800 direct labor hours. The actual wage rate per hour in December was $30.00.Required:1. Prepare a table that contains the standard labor-hour requirement per unit and standard direct labor cost per unit for the 4 months,October through January.2. Compute the direct labor efficiency variance for December. Was this variance favorable or unfavorable?Complete this question by entering your answers in the tabs below.Required 1 Required 2Prepare a table that contains the standard labor-hour requirement per unit and standard direct labor cost per unit for the 4months, October through January. (Do not round intermediate calculations. Round your "Standard Direct Labor Cost/Unit"answers to 2 decimal places and "Standard Labor-Hour Requirement/Unit" answers to 5 decimal places.)MonthOctoberNovemberDecemberJanuaryStandard Labor-HourRequirement/Unithour per unithour per unithour per unithour per unitStandardDirect LaborCost/Unit< Required 1Required 2 >

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Description: Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute the direct labor efficiency variance for December. Was this variance favorable or unfavorable? (Round your finalanswer to nearest whole dollar amount.)Dir

1.MonthPrevious StandardReductionNew Standard(hr./unit)Standard Direct Labor…

Business

Accounting

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor efficiency variance for December. Was this variance favorable or unfavorable? (Round your final answer to nearest whole dollar amount.) Direct-labor efficiency variance < Required 1 Required 2 >

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor efficiency variance for December. Was this variance favorable or unfavorable? (Round your final answer to nearest whole dollar amount.) Direct-labor efficiency variance < Required 1 Required 2 >

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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Required 1 Required 2 Calculate the activity variances for March. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Utilities Maintenance Supplies Indirect labor Depreciation Total FAB Corporation Activity Variances For the Month Ended March 31 Show Transcribed Text Required 1 Required 2 FAB Corporation Spending Variances For the Month Ended March 31
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Aaha Inc. produces premium protective automotive covers. The direct materials and direct labour standards for one car cover are as follows: Standard Quantity or Hours Direct materials Direct labour 7.00 metres of cloth 0.30 hours Standard Price or Rate $8 per metre $ 16 per hour Standard Cost $56.00 $4.80 In September, the following activity was recorded: 17,500 metres of cloth were purchased at a cost of $7.50 per metre All of the purchased material was used to produce 2,500 car covers. 520 direct labour-hours were recorded at a total labour cost of $8,320. Required: 1. Compute all direct materials variances for September (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (ie., zero variance).) Answer is complete and correct. Direct materials price variance Direct materials quantity variance Total direct material cost variance $ 8,750 F $ $ 8,750 ( 0 None F 000
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