Question
In: Accounting
Seacoast Company provided the following information about its standard costing system for 2016: Standard Data Actual...
Seacoast Company provided the following information about its standard costing system for 2016:
|
Standard Data |
Actual Data |
|
Materials |
10 lbs. @ $4 per lbs. |
Produced |
4,000 units |
|
Labor |
3 hrs. @ $21 per hr. |
Materials purchased |
50,000 lbs. for $215,000 |
|
Budgeted production |
3,500 units |
Materials used |
41,000 lbs. |
|
Labor worked |
11,000 hrs. costing $220,000 |
Instructions
Calculate the labor price variance and the labor quantity
variance.
Solutions
Expert Solution
- All working forms part of the answer
- Answers
|
Labor Price Variance |
||||||
|
( |
Standard Rate |
- |
Actual Rate |
) |
x |
Actual Labor Hours |
|
( |
$ 21.00 |
- |
$ 20.00 |
) |
x |
11000 hours |
|
11000 |
||||||
|
Variance |
$ 11,000.00 |
Favourable-F |
||||
|
Labour Quantity Variance |
||||||
|
( |
Standard Hours = 4000 units x 3 hrs |
- |
Actual Hours |
) |
x |
Standard Rate |
|
( |
12000 |
- |
11000 |
) |
x |
$ 21.00 |
|
21000 |
||||||
|
Variance |
$ 21,000.00 |
Favourable-F |
||||
ekkarill92 answered 1 year agoRelated Solutions
Timothy Company employs standard costing. The standards and actual operating data for the month are as...
Timothy Company employs standard costing. The standards and
actual operating data for the month are as follows:
Standards
Direct materials
3.0 pounds per unit @ $4.50 per pound
Direct labor
5.0 hours per unit @ $10.25 per hour
Standard quantity allowed
10,500 pounds
Standard hours allowed
17,500 hours
Actual
Direct materials purchased
11,000 pounds @ $4.25 per pound
Direct materials used
10,700 pounds
Direct labor
17,300 hours @ $10.20 per hour
The labor efficiency variance is:
A.
none of these...
Given the following information in standard costing: Standard 19,400 hours at $7.40 Actual 19,200 hours at...
Given the following information in standard costing:
Standard
19,400 hours at $7.40
Actual
19,200 hours at $7.20
What is the direct labor rate variance?
Multiple Choice
$3,840 Unfavorable
$3,840 Favorable
$2,860 Unfavorable
$2,860 Favorable
Eagle Company uses a standard cost system that has provided the following data: Units of output...
Eagle Company uses a standard cost system that has provided the
following data:
Units of output manufactured:
85
Direct labor:
Standard hours allowed:
2
hours per unit of product
Standard wage rate:
$16.10
per hour
Actual direct labor:
190
hours, total cost of $3,439
A. The direct labor rate variance for the period was:
B. The direct labor efficiency variance for the period was:
C. The journal entry to record the cost of direct labor used in
this period includes:
Colina Production Company uses a standard costing system. The following information pertains to the current year....
Colina Production Company uses a standard costing system. The
following information pertains to the current year. Direct labor
hours is the driver used to assign overhead costs to
products.
Actual production
5,500 units
Actual factory overhead costs ($16,500 is fixed)
$40,125
Actual direct labor costs (11,250 hours)
$131,625
Standard direct labor for 5,500 units:
Standard hours allowed
11,000 hours
Labor rate
$12.00
The factory overhead rate is based on an activity level of 10,000
direct labor hours. Standard cost data...
Contigo Company provided the following information related to its inventory sales. Actual – December: 80,000 Budgeted-January:...
Contigo Company provided the following information related to
its inventory sales.
Actual – December: 80,000
Budgeted-January: 140,000
Budgeted-February: 180,000
Budgeted-March: 120,000
Contigo desired ending inventory levels are 20% of the following
months projected COGS. Budgeted purchases of inventory in February
2017 would have been:
omasini Corporation has provided the following data from its activity-based costing accounting system: Supervisory wages $...
omasini Corporation has provided the following data from its
activity-based costing accounting system:
Supervisory wages
$
600,000
Factory supplies
$
200,000
Distribution of Resource Consumption across Activity Cost
Pools:
Activity Cost Pools
Batch Processing
Unit Processing
Other
Total
Supervisory wages
25%
60%
15%
100%
Factory supplies
40%
30%
30%
100%
The "Other" activity cost pool consists of the costs of idle
capacity and organization-sustaining costs that are not assigned to
products.
How much supervisory wages and factory supplies cost would...
Desilets Corporation has provided the following data from its activity-based costing accounting system: Supervisory wages $...
Desilets Corporation has provided the following data from its
activity-based costing accounting system:
Supervisory wages
$
83,600
Factory utilities
$
336,000
Distribution of Resource Consumption across Activity Cost
Pools:
Activity Cost Pools
Batch Set-Ups
Unit Processing
Other
Total
Supervisory wages
64
%
34
%
2
%
100
%
Factory utilities
34
%
59
%
7
%
100
%
The "Other" activity cost pool consists of the costs of idle
capacity and organization-sustaining costs that are not assigned to
products.
Required:...
Desilets Corporation has provided the following data from its activity-based costing accounting system: Supervisory wages $...
Desilets Corporation has provided the following data from its
activity-based costing accounting system: Supervisory wages $
85,600 Factory utilities $ 306,000 Distribution of Resource
Consumption across Activity Cost Pools: Activity Cost Pools Batch
Set-Ups Unit Processing Other Total Supervisory wages 60 % 37 % 3 %
100 % Factory utilities 29 % 63 % 8 % 100 % The "Other" activity
cost pool consists of the costs of idle capacity and
organization-sustaining costs that are not assigned to products.
Required:...
Pacific company provides the following information about its budgeted and actual results for June 2019. Although...
Pacific company
provides the following information about its budgeted and actual
results for June 2019. Although the expected June volume was 25,
000 units produced and sold, the company actually produced and sold
27, 000 units as detailed here:
Budgeted
(25, 000
units)
Actual
(27, 000
units)
Selling price
$5.00 per unit
$5.23 per unit
Variable costs (per
unit):
Direct materials
1.24 per unit
1.12 per unit
Direct labour
1.50 per unit
1.40 per unit
Manufacturing supplies*
0.25 per unit...
Champion Motors assembles and sells motor vehicles and uses standard costing. Actual data and variable costing...
Champion Motors assembles and sells motor vehicles and uses
standard costing. Actual data and variable costing and absorption
costing income statements relating to April and May 2017are as
follows:
April
May
Unit data:
Beginning inventory
0
150
Production
700
675
Sales
550
800
Variable costs:
Manufacturing cost per unit produced
$8,000
$8,000
Operating (marketing) cost per unit sold
3,200
3,200
Fixed costs:
Manufacturing costs
$2,100,000
$2,100,000
Operating (marketing) costs
700,000
700,000
The selling price per vehicle is $21,000. The budgeted...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Write in C Language Write all these code in one program and upload. Consider this array...
- 1. When comparing the future value of two investments: one that earns 6% p.a. simple interest...
- Consuelo Chua, Inc., is a disk drive manufacturer in need of an aggregate plan for July...
- Read the words in from the binary file and figure out how many times each word...
- In their attempt to leverage data on their users, firms are using a variety of techniques...
- How can Moore's Law impact a firm's IT architecture? How could a firm account for it...
- The popular press has come up with labels such as Web 3.0 and Web 4.0 to...
ADVERTISEMENT