Provide correct calculation In a certain standard costing system, thefollowing results occurred last period: totallabor variance, 2000 F; labor efficiencyvariance, 2,800 F; and the actual labor ratewas $.20 more per hour than the standardlabor rate. The number of direct labor hoursused last period was

Step 1: Define Labor Rate VarianceThe labor rate variation counts how much the cost of labor differs…

Answered: In a certain standard costing system,…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 9PB: Ribcos labor cost information for making its only product for March is as follows: A. What is the...

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XYZ Company's accountant is estimating next period's total overhead costs (Y). She performed three regression analyses, the first is based on direct labor hours (DLH), the second is based on machine hours (Mhr), and the third is based on quantity produced (Q). The results were: [Y=$95,000+ $9×DLH; R-square Y=190,000+2Q; R-square-D0.55]. How much of the variations on the overhead costs is explained 0.90]; [Y= $120,000 $5xMhr; R-square = 0.10]; by the machine hours (Mhr)? Select one: O a. 90% Ob. None of the answers given Oc.45% O6.55% Oe. 10% Next page page
XYZ Company's accountant is estimating next period's total overhead costs (Y). She performed three regression analyses, the first is based on direct labor hours (DLH), the second is based on machine hours (Mhr), and the third is based on quantity produced (Q). The results were: [Y=$95,000 + $9×DLH; R-square = 0.90]; [Y= $120,000 + $5xMhr; R-square = 0.10]; [Y=190,000+2Q; R-square=0.55]. How much of the variations on the overhead costs is explained by %3D the machine hours (Mhr)? Select one: a. 55% b. None of the answers given c. 90% d. 45%
XYZ Company's accountant is estimating next period's total overhead costs (Y). She performed three regression analyses, the first is based on direct labor hours (DLH), the second is based on machine hours (Mhr), and the third is based on quantity produced (Q). The results were: [Y=$95,000 + $9×DLH; R-square = 0.85); [Y= $120,000 + $5xMhr; R-square = 0.15]; [Y=190,000+2Q; R-square=0.45]. How much of the variations on the overhead costs is explained by the direct labor hours (DLH)? Select one: O a. 55% O b. None of the answers given O c. 15% O d. 85% O e. 45%
A. What percentage of the variation in overhead costs is explained by the independent variable? B. What is the total overhead cost for an estimated activity level of 50,000 direct labor hours? C. How much is the variable manufacturing cost per unit, using the variable overhead estimated by the regression (assuming that direct materials and direct labor are variable costs)? D. What is the expected contribution margin per unit to be earned during the first year on 20,000 units of the new product? (Assume that all marketing and administrative costs are fixed.) E. What is the manufacturing cost equation implied by these results?
XYZ Company's accountant is estimating next period's total overhead costs (Y). She performed three regression analyses, the first is based on direct labor hours (DLH), the second is based on machine hours (Mhr). and the third is based on quantity produced (Q). The results were: [Y=$95,000 + $9×DLH; R-square 0.90]; [Y= $120,000 + $5xMhr; R-square 0.10]: [Y=D190,000+2Q; R-square%3D0.55]. How much of the variations on the overhead costs is explained by the direct labor hours (DLH)? Select one: Oa 45% Ob. None of the answers given O c 10% O a. 5596 Ce. 90%,
A manager prepared the following table by which to analyze labor costs for the month: Actual hours at Actual rate is P10,000; Actual hours at Standard rate is P9,800 and Standard hours at Standard rate, P 8,820. What variance is P1,180? * idle labor variance labor efficiency variance labor spending variance total labor variance
Sharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost $5 per foot ? per hour Direct materials 3 feet $ 15 Direct labor ? hours ? During March, the company purchased direct materials at a cost of $45,375, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $50,400. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,250 U $ 3,400 U $ 1,000 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of…
A company reports the following information for its direct labor. Actual hours of direct labor used (AH) Actual rate of direct labor per hour (AR) Standard rate of direct labor per hour (SR) Standard hours of direct labor for units produced (SH) 72,000 $ 16 $ 15 73,300 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost Standard Cost
A company reports the following Information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = 59,000 $ 16 $ 14 60,100 Compute the direct labor rate and efficiency variances and Identify each as favorable or unfavorable. Actual Cost Standard Cost
Please give me correct answer accounting........
The standard number of hours that should have been worked for the output attained is 6,000 direct labor hours and the actual number of direct labor hours worked was 6,300. If the direct labor price variance was $3,150 unfavorable, and the standard rate of pay was $9 per direct labor hour, what was the actual rate of pay for direct labor? Select one: a. $7.50 per direct labor hour b. $8.50 per direct labor hour c. $9.50 per direct labor hour d. $9.00 per direct labor hour e. $9.80 per direct labor hour
The standard number of hours that should have been worked for the output attained is 10,000 direct labor hours and the actual number of direct labor hours worked was 10,500. If the direct labor rate variance was P10,500 unfavorable, and the standard rate of pay was P12 per direct labor hour, what was the actual rate of pay for direct labor? A. P11 per hour B. P9 per hour C. P13 per hour D. P12 per hour

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In a certain standard costing system, the following results occurred last period: total labor variance, 2000 F; labor efficiency variance, 2,800 F; and the actual labor rate was $.20 more per hour than the standard labor rate. The number of direct labor hours used last period was