The Bronze Company produces Product Y.Direct labor standard input for one output = .30Direct labor standard cost per input = $9.00Actual ResultsUnits of output4,000Labor costs$11,470Labor hours of input 1,240Actual price per hour $9.25a. What is the manufacturing direct labor price variance?b. What is the manufacturing direct labor efficiencyvariance?

Step 1: Define Direct Labor Variances:Direct Labor Variances are divided into two, rate variance and…

Answered: The Bronze Company produces Product Y.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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7. Materials, Labor and Overhead Variances (Comprehensive Problem, Reconstruction) Standard variable costs per unit: A) Materials: 4 pounds @ (1) B) Direct Labor: (3) hours @ P 12.00 C) Variable overhead: P 8 per direct labor hour Production Materials purchases, 32,000 pounds Materials used at standard prices, 31,200 pounds Direct labor (actual): (6) hours Material purchase price variance Material use variance Direct labor rate variance Direct labor efficiency variance Variable overhead spending variance Variable overhead efficiency variance Actual variable overhead cost REQUIRED: Compute for the missing amounts (1) to (10). (2) P 6.00 (4) 8,000 units P 62,000 (5) P 47,200 P 2,000 adverse (7) P 2,000 favorable (8) P 1,500 credit (9) (10)
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1.3 REQUIRED Use the information provided below to calculate the following variances. Each answer must indicate whether the variance is favourable or unfavourable. 1.3.1 Material quantity variance 1.3.2 Labour rate variance 1.3.3 Variable manufacturing overheads efficiency variance INFORMATION The standard variable costs per unit (with a standard quantity of 25 000 units), set by Kidman Manufacturers, for Product M are as follows: Materials Labour Variable overhead 4 kg at R10 per kg 2 hours at R20 per hour 2 hours at R12 per hour The actual costs for October 2022 are as follows: Materials Materials Labour Variable overhead 100 000 kg were purchased for R980 000 78 000 kg were used to produce 20 000 units of Product M 41 000 labour hours at R19.60 per hour R500 200 incurred
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Under the three variance method for analyzing factory overhead, the difference between the actual factory overhead and the budget allowance based on actual hours is the * efficiency variance spending variance volume variance idle capacity variance
Also, compute the fixed overhead production volume variance
Which of the following is a value-added activity? a.waiting b.inspection c.processing d.moving Which of the following statements is characteristic of overhead? a.The adjusted cost of goods sold is equal to the normal cost of goods manufactured plus or minus the overhead variance. b.Variances in overhead are expected every other month. c.lf the overhead variance shows overapplied overhead, then that amount would be subtracted from normal cost of goods sold. d.lf the overhead variance shows underapplied overhead, then that amount would be subtracted from normal cost of goods sold. Which accounting method is used for external reporting? a.absorption costing b.transfer price costing c.variable costing d.responsibility costing
Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 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
Data on Gantry Company's direct labor costs are given below: Standard direct labor-hours Actual direct labor-hours Direct labor efficiency variance-favorable Direct labor rate variance-favorable Total direct labor payroll What was Gantry's actual direct labor rate? re to search Multiple Choice $7.80 $3.40 II
2.2 Use the information provided below to calculate the following manufacturing variances for March2022. Note: Each answer must state whether the variance is favourable or unfavourable2.2.1 Labour rate variance 2.2.2 Labour efficiency variance 2.2.3 Variable overheads efficiency variance Variable overheads expenditure variance INFORMATIONNevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 perlabour hour.Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurredwas R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.
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