Total Labor Variance i Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.02 hours. During the month of April, 470,000 bottles were produced using 14,0 labor hours $10.50. The standard wage rate is $7.50 per hour. Required: Calculate the total variance for production labor for the month of April. Enter amounts as positive numbers. If required, round your answer to the nearest cent. Unfavorable

Total Labor Variance i Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.02 hours. During the month of April, 470,000 bottles were produced using 14,0 labor hours $10.50. The standard wage rate is $7.50 per hour. Required: Calculate the total variance for production labor for the month of April. Enter amounts as positive numbers. If required, round your answer to the nearest cent. Unfavorable

Name: BITotal Labor VarianceTico Inc. produces plastic bottles. Each bottle
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Description: BITotal Labor VarianceTico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.02 hours. During the month of April, 470,000 bottles were produced using 14,000labor hours $10.50. The standard wage rate is $7.50 per hour.R

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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Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $10.80 Standard labor time per faucet 10 min. Standard number of lb. of brass 1.30 lb. Standard price per lb. of brass $9.75 Actual price per lb. of brass $10.00 Actual lb. of brass used during the week 11,600 lb. Number of faucets produced during the week 8,700 Actual wage per hr. $11.10 Actual hrs. per week 1,280 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus…
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Delmar Incorporated uses a standard cost system. Labor standards are 2.00 hours per widget at $13.40 per hour. During August, Delmar Incorporated paid its workers $227,070 for 16,820 hours. Delmar Incorporated produced 8,610 widgets during August Required: a. 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). b. 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). c. 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). a. Rate Variance b.Efficiency Variance c. Spending Variance
Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $13.80 Standard labor time per faucet 15 min. Standard number of lb. of brass 1.80 lb. Standard price per lb. of brass $10.00 Actual price per lb. of brass $10.25 Actual lb. of brass used during the week 12,800 lb. Number of faucets produced during the week 6,900 Actual wage per hr. $14.20 Actual hrs. per week 1,800 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $ Direct labor standard cost per unit $ Total standard cost per unit $ b. Determine the direct materials price variance, direct…
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Amos, Inc. uses a standard cost system with the following labor standards for one unit of product: standard hours 0.2 and standard wage rate $10. During January, Amos incurred 3,415 hours of direct labor and paid $33,606 in wages in production of 16,600 units. Calculate the direct labor rate and efficiency variances and indicate whether the variances are favorable or unfavorable. Direct labor rate variance Direct labor efficiency variance $ Click if you would like to Show Work for this question: Open Show.Work
Total Labor VarianceRefer to the information for Tico Inc. on the previous page.Required:Calculate the total variance for production labor for the month of April. Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.03hour. During the month of April, 900,000 bottles were produced using 25,200 labor hours@ $15.00. The standard wage rate is $13.50 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:
Question 3: How much FUTA tax would an employer in a non-credit-reduction state owe if an employee has earned $6,400 to date and has current period taxable pay of $1,500? Answer: A. O $3.60 В. O 59 C. O $36 D. O $90
Calculation of materials and labor variances Fritz Corp. manufactures and sells a single product. The company uses a standard cost system. The standard cost per unit of product follows: The charges to the manufacturing department for November, when 5,000 units were produced, follow: The Purchasing department normally buys about the same quantity as is used in production during a month. In November, 5,500 lb were purchased at a price of $2.90 per pound. Required: Calculate the following from standard costs for the data given, using the formulas on pages 421–422 and 424: 1. Materials quantity variance. 2. Materials purchase price variance (at time of purchase). 3. Labor efficiency variance. 4. Labor rate variance.
Print Item Penny Company manufactures only one product and uses a standard cost system. The following information is from Penny's records for May: Direct labor rate variance $15,000 favorable Direct labor time variance $29,700 unfavorable Standard hours per unit produced 2.00 Standard rate per hour $27 During May, the company used 12.50% more hours than the standard allowed. A. What were the total standard hours allowed for the units manufactured during the month? standard hours B. What were the actual hours worked? actual hours C. How many actual units were produced during May? units produced