Direct MaterialDirect LaborStandard Cost Data per 1 UnitQuantity Price3 lbs $2.00/lb2 hrs$4.00/hrActual Data:Units producedMaterial purchase & usageDirect LaborShow all computations.25100 lbs at $2.20 per lb30 hrs; total cost $129a) Compute price variance, quantity variance, direct material varianceb) Compute rate variance, efficiency variance, direct labor variance

Name: Direct MaterialDirect LaborStandard Cost Data per 1 UnitQuantity Pric
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Direct MaterialDirect LaborStandard Cost Data per 1 UnitQuantity Price3 lbs $2.00/lb2 hrs$4.00/hrActual Data:Units producedMaterial purchase & usageDirect LaborShow all computations.25100 lbs at $2.20 per lb30 hrs; total cost $129a) Compute price va

Business

Accounting

Direct Material Direct Labor Actual Data: Units produced Standard Cost Data per 1 Unit Quantity Price 3 lbs 2 hrs Material purchase & usage Direct Labor Show all computations. $2.00/lb $4.00/hr 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance

Direct Material Direct Labor Actual Data: Units produced Standard Cost Data per 1 Unit Quantity Price 3 lbs 2 hrs Material purchase & usage Direct Labor Show all computations. $2.00/lb $4.00/hr 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please don't provide answer in image format thanks
Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced Variance Material Price NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). For the variance conditions, your answer is either "F" (for Favorable) or "U" (for Unfavorable) - capital letter and no quotes. Complete the following table of variances and their conditions: Material Quantity Total DM Cost Variance Labor Rate Labor Efficiency Total DL Cost Variance $1.00 $0.90 100 90 15 14 Variance Amount $ $ 200 190 Favorable (F) or Unfavorable (U)
Rahul
a. Direct materials price variance (based on purchases) b. Direct materials efficiency variance c. Direct manufacturing labour price variance
Information about direct materials cost follows for a local company: Standard price per materials gram Actual quantity used Standard quantity allowed for production $ 2,450 grams 2,600 grams $19,600 F 19 Price variance Required: What was the actual purchase price per gram? Actual purchase price per gram
Please do not give solution in image format thanku
Requirement 1. Record Brookman's direct labor journal entry (use Wages Payable). Journalize the incurrence and assignment of direct labor costs, including the related variances. (Prepare a single compound journal entry. Record debits first, then credits. Select the explanations on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit - X Data Table AC x AQ SC x AQ SC x SQ $13.00 per DLHr $16.00 per DLHR $16.00 per DLHr 1,650 DLHF 1,650 DLHR 1.200 DLHr $21,450 $26.400 $19,200 Requirements 1. Record Brookman's direct labor journal entry (use Wages Payable). 2. Explain what management will do with this variance information. Cost Efficiency Variance Variance $4.950 F S7,200 U Print Done Print Done
Please do not give solution in image format thanku
Please use letters and numbers seen in pictures for formulas. Need help with formulas
Question 3 DRS Company showed the following information for the year: Standard variable overhead rate (SVOR) per direct labor hour Standard hours (SH) allowed per unit Actual production in units Actual variable overhead costs | Actual direct labor hours RM3.75 4 15,000 RM222,816 57,200 a) Calculate the standard direct labor hours for actual production. b) Calculate the applied variable overhead. c) Calculate the total variable overhead variance.
A company's standard is 2 hours of direct labor per unit at a rate of $45 per hour. The company shows the following for the year. Actual units produced Actual direct labor used 5,120 units 10,040 hours Actual cost of direct labor used AH = Actual Hours SH=Standard Hours AR= Actual Rate SR Standard Rate Complete this question by entering your answers in the tabs below. Required A Required B Compute the direct labor rate variance, direct labor efficiency variance, and the total direct labor variance. For each variance, indicate whether it is favorable or unfavorable. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost $ $ 471,880 0 $ 0 0 Standard Cost
Please solve a and b