Paradise Corporation has determined a standard labor cost per unit of $28 (0.50 hours $56 per hour). Last month, Paradise incurred 982 direct labor hours, for which it paid $27,005. The company produced and sold 2,750 units during the month. Required: Calculate the direct labor rate, efficiency, and spending variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations to 2 decimal places. Answer is complete but not entirely correct. 491 1,104 4,995 Direct Labor Rate Variance Direct Labor Efficiency Variance Total Direct Labor Spending Variance $ F F F

Paradise Corporation has determined a standard labor cost per unit of $28 (0.50 hours $56 per hour). Last month, Paradise incurred 982 direct labor hours, for which it paid $27,005. The company produced and sold 2,750 units during the month. Required: Calculate the direct labor rate, efficiency, and spending variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations to 2 decimal places. Answer is complete but not entirely correct. 491 1,104 4,995 Direct Labor Rate Variance Direct Labor Efficiency Variance Total Direct Labor Spending Variance $ F F F

Name: XParadise Corporation has determined a standard labor cost per unit o
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: XParadise Corporation has determined a standard labor cost per unit of $28 (0.50 hours $56 per hour). Last month, Paradise incurred982 direct labor hours, for which it paid $27,005. The company produced and sold 2,750 units during the month.Required

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

Need Answer please
La Barte Company manufactures commuter bicycles from recycled materials. The following data for July of the current year are available: Quantity of direct labor used 710 hrs. Actual rate for direct labor $11.70 per hr. Bicycles completed in July 330 bicycles Standard direct labor per bicycle 2 hrs. Standard rate for direct labor $11.90 per hr. a. Determine the direct labor rate variance, time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct labor rate variance $fill in the blank 1 Direct labor time variance fill in the blank 3 Total direct labor cost variance $fill in the blank 5 b. How much direct labor should be debited to Work in Process?$fill in the blank 7
Please help me to calculate direct labor rate variance.....??
Nisqually Corporation has established the following labor standards for a particular product: Standard labor-hours per unit of output 8.3 hours Standard labor rate $12.10 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 6,100 hours A Actual total labor cost $71,370 Actual output 900 units What is the labor efficiency variance for the month? Your instructor has provided the following variance formulas for you: Direct Labor Variances AH(AR - SR) SR(AH - SH) Labor Rate Variance: Labor Efficiency Variance:
a. Direct materials price variance (based on purchases) b. Direct materials efficiency variance c. Direct manufacturing labour price variance
Delmar Incorporated uses a standard cost system. Labor standards are 2.00 hours per widget at $15.10 per hour. During August, Delmar Incorporated paid its workers $260,832 for 17,160 hours. Delmar Incorporated produced 8,780 widgets during August. Required: Calculate the direct labor rate variance. Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Calculate the direct labor efficiency variance. Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Calculate the direct labor spending variance. Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).
Tiktok Corporation has shared the following data about its labor costs for August:Standard wage rate $12.00 per DLHStandard hours 8.8 DLHs per unitActual wage rate $12.50 per DLHActual hours 68,120 DLHsActual output 6,600 unitsQuestion: What is the Labor Efficiency Variance for August would be (label whether favorable or unfavorable; no dollar sign and comma)
Can you show me how this is done? Bailey’s standard labor cost of producing one unit of Product DD is 1.7 hours at a rate of $12.9 per hour. During August, 1,462 hours were incurred at a cost of $11.8 per hour to produce 1,257 units of Product DD. Bailey’s direct labor rate variance is $__________ Indicate the amount and whether it is Favorable or Unfavorable by placing F or U by amount, do not skip a space and do not use $ in your answer. For example, if your answer is $1,000 favorable, answer 1000F Selected Answer: 8.24 Correct Answer: 1,608 ± 1 (F)
Information for Garner Company's direct-labor costs for the month of September 2005 was as follows: Actual direct-labor hours Standard direct-labor hours Total direct-labor payroll Direct-labor efficiency variance-favorable Answer: 34,500 hours 35,000 hours $241,500 $3,200 What is Garner's direct-labor price (or rate) variance? Be sure to label the variance favorable or unfavorable.
.
Acoma, Incorporated, has determined a standard direct materials cost per unit of $8.00 (2 feet × $4.00 per foot). Last month, Acoma purchased and used 4,590 feet of direct materials, for which it paid $17,901. The company produced and sold 2,160 units during the month. Required: Calculate the direct materials price, quantity, and spending variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations to 2 decimal places. Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance $ (459) F F F
Zillow Inc. has the following data related to direct materials costs for the current month: actual cost for 7,000 pounds of material at $2.50 per pound and standard cost for 6,700 pounds of material at $3.20 per pound. What is the direct materials quantity or efficiency variance? Group of answer choices -$4,900 favorable $4,900 unfavorable $960 unfavorable -$960 favorable