Exercise 10-5 (Algo) Working Backwards from Labor Variances [LO10-2]Quality Motor Company established the standard labor cost for a motor tune-up shown below:Motor tune-upStandardHours2.50Standard Rate Standard Cost$ 38.00$95.00The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop super58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups:Labor rate varianceLabor spending varianceRequired:$ 450 F$ 500 U1. Determine the number of actual labor-hours spent on tune-ups during the week.2. Determine the actual hourly pay rate for tune-ups last week.Note: Round your answer to 2 decimal places.1. Actual labor hours2. Actual hourly ratehoursper hour

Quality Motor Company's standard labor cost for a motor tune-up is structured around a set of…

Answered: Exercise 10-5 (Algo) Working Backwards…

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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15. Reems Corporation uses a standard cost system. Direct labor information for Product E for the month of November is as follows: Standard labor price, P6.10 per hour Actual rate paid, P6.00 per hour Standard quantity allowed for actual production, 1,500 hours Labor efficiency variance, P600 unfavorable What is the actual hours worked? Group of answer choices 1,402 1,400 1,600 1,598
I need part 4 and 5 solution The Henry company made the following data available from its accounting records and reports. 600,000 estimated factory overhead = Rs.3.00 200,000 estimated direct labor hours Further analysis indicates that one-third of the rate is variable cost oriented. During the year, the company worked 210,000 direct labor hours and actual factory overhead expenditures were Rs.631,000. Requirement: Fixed FOH Under or overapplied FOH Spending Variance Volume variance Solve the problem if variable cost is 2/3 of applied rate.
Quality Motor Company established the standard labor cost for a motor tune-up shown below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.5 $ 25.00 $ 62.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls 50 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 150 F Labor spending variance $ 200 U Required: Determine the number of actual labor-hours spent on tune-ups during the week. Determine the actual hourly pay rate for tune-ups last week
Exercise 9-11 (Algo) Working Backwards from Labor Variances [LO9-5] The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Motor tune-up Standard Rate Standard Cost Standard Hours 2.50 $ 34.00 $ 85.00 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 54 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance Labor spending variance $ 350 F $ 500 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours 2. Actual hourly rate hours per hour
Exercise 9-11 (Algo) Working Backwards from Labor Variances [LO9-5] The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Motor tune-up Standard Hours 2.50 Standard Rate $ 38.00 Standard Cost $ 95.00 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 450 F Labor spending variance $ 500 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours 2. Actual hourly rate hours per hour
TB MC Qu. 10-180 (Algo) Chhom Corporation makes a product whose ... Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $24 per hour. In November the company produced 7,150 units using 5,935 direct labor-hours. The actual direct labor cost was $124,635. The labor efficiency variance for November is:
Use the following data for questions #5-7 Japan Company produces furniture and has the following data related to its direct labor costs: standard costs are 17,325 hours at an hourly rate of $15.00 per hour and actual costs are 19,250 hours at an hourly rate of $14.90 per hour. 6. What is the direct labor time variance? a. $28,875 Favorable b. $28,875 Unfavorable c. $28,683 Favorable d. $28,683 Unfavorable
Lee Company’s operations for April discussed the following data relating to direct labor: Actual cost P10,000 Rate variance (favorable) 1,000 Efficiency variance (unfavorable) 1,500 Standard cost P9,500 Actual direct labor hours for the month of April amounted to 2,000. What was the standard direct labor hourly rate? Select one: P4.75 P5.50 P4.50 P5.00 5.50
Q6 Mandy Company has the following information from last month: Standard direct labor hours for units produced (SQ) 5,300 Actual direct labor hours worked (AQ) 5,150 Direct labor efficiency variance, favorable (F) $ 9,000 Total payroll $ 334,750 What was Mandy's actual direct labor rate per hour (AP)? Multiple Choice $63.16. $60.00. $54.00. $58.68. $65.00.
Multiple Choice O O O $18,835 U $18,075 U $760 U $25,800 F
Problem 16-62 (Algo) Solve for Direct Labor-Hours (LO 16-5) Williams Corporation reports the following direct labor information for November: Standard rate $ 31.00 per hour Actual rate paid $ 31.90 per hour Standard hours allowed for actual production 44,300 hours Labor efficiency variance $ 198,400 F Required: Based on these data, what was the number of actual hours worked and what was the labor price variance? (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)
please do not provide hand written answer The following data relate to direct labor costs for the current period of Executive Inc.: Standard costs 6,000 hours at $12.00 Actual costs 7,500 hours at $11.60 What is the direct labor time variance? a.$17,400 favorable b.$17,400 unfavorable c.$18,000 unfavorable d.$18,000 favorable

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