C. Complete the pitchfork below by identifying and calculating direct labor variances for the month of October. You need to identify the name of the variance (on the blank line) and show your work in calculating the variance. Labor STANDARD (for 600 bottles) 0.15 hours of direct labor at $10 per hour ACTUAL (for 560 bottles) 56 hours of direct labor at $12 per hour
Q: Paid-in capital consists of: a. earnings generated by the corporation. O b. capital raised by…
A: Paid in capital is the amount of money that a company has received from its shareholders. It…
Q: On July 1, 2022, Alleya Amrick and Breanne Balas formed a partnership to make crafts and sell them…
A: Partnership is a form of business in which two or more people undertake a joint operation for the…
Q: Consider the following data of the Laimon Company for the year 1991: Indirect materials $ 7,000…
A: The statement of cost of goods manufactured and sold records the costs incurred for the completion…
Q: WAR (We Are Rich) has been in business since 1989. WAR is an accrual-method sole proprietorship that…
A: Depreciation recapture: Depreciation recapture refers to the portion of the gain on the sale of an…
Q: 29 00:35:04 J eBook Porter Company is analyzing two potential investments. Project X $ 95,400…
A: Cumulative cash flow Year Annual Cash flow Cumulative Cash flow 1 $32,000 $32,000 2…
Q: Year 1, Expert Electronics, Incorporated (EEI) recognized $6,500 of sales revenue on account and…
A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…
Q: 5 minutes The following beginning balances for Jeremiah Company are available: PBO $300,000; PA…
A: Under corridor amortization method, any excess of net gain or loss from the 10% of the pension…
Q: Skyler White, Inc. manufactures and sells two products: Jeeps and Cell Phones. The following…
A: The segmental income statement is prepared to find the individual performance of the segment that…
Q: es Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company…
A: Absorption Costing Method :— Under this method, product cost is calculated by adding direct…
Q: Pinnacle Corp. budgeted $205,790 of overhead cost for the current year. Actual overhead costs for…
A: PREDETERMINED OVERHEAD RATE Predetermined rate means an indirect cost rate. predetermined overhead…
Q: the total compensation cost pertaining to the options on January 1, 2024. Prepare the appropriate…
A: When referring to an employee of the manager, the term "compensation expense" refers to all…
Q: in the current year largo company purchased bonds on macdermont corporation with a cost of 125000…
A: Financial assets are the assets that include cash, equity instrument of other entities, and any…
Q: Prepare the journal entries for Carla Vista for this revenue arrangement on June 1, 2025 and…
A: Journal entries are essential for recording business transactions accurately and efficiently. They…
Q: How does corporate restructuring impact a company's financial statements?
A: A company's financial statements are documents that show how much money a company made, how much…
Q: Please Fast Answer And Right solution and do Not Give Image Format
A: A distribution of extra shares of a company's equity to current owners is known as a stock dividend.…
Q: Use this information for Kellman Company to answer the question that follow. The balance sheets at…
A: Ratio analysis is a method of measuring the condition of the organization. There are different kinds…
Q: Briefly describe human behavior problems that might arise if budget goals are set too tightly. What…
A: Budgeting is an essential part of financial planning for businesses, and it involves setting goals…
Q: On June 30, 2024, Georgia-Atlantic, Incorporated leased warehouse equipment from IC Leasing…
A: Lease is commonly used in heavy equipment where the equipment can be used without making heavy…
Q: 1. What is the total Conversion Cost per Equivalent Unit? 2. . Cost per Equivalent Unit for Factory…
A: To ascertain amount of work done on physical units, equivalent units are calculated. During the end…
Q: please do not provide solution in image format thank you!
A: A financial statement called a cash flow schedule displays the anticipated inputs and withdrawals of…
Q: Philippine law 1. As a rule, legislative power is vested to the Congress. Exceptions to this rule…
A: Correct option:- e. None of the above Explanation:- A general rule, legislative power in the…
Q: Blue Spruce's Medical operates three support departments and two operating units, Surgery and ER.…
A: The reciprocal technique allocates expenditures incurred by service departments to other departments…
Q: Clorong Enterprises Ltd., a private company following ASPE earned accoun
A: Pay as you earn system or tax deduction at source in some countries are the advance tax payment…
Q: Required information [The following information applies to the questions displayed below.] Shadee…
A: The budgeted income statement is prepared based on estimates. The budgeted income statement shows…
Q: Required: 1. Calculate the actual amount of the company's gross profit in each of the years. Gross…
A: Gross profit : Gross profit is the amount of money a company keeps after deducting all of the…
Q: QS 14-10 (Algo) Recording bond issuance and discount amortization LO P2 Snap Company issues 9%,…
A: Answer:- Journal entry meaning:- The process of recording the transactions in an accounting journal…
Q: SS Corporation is an S Corporation. SS has always been an S corporation and has no C Corporation E &…
A: Book Income and "Book Loss" refer to the Company's income or loss for financial statement purposes,…
Q: Which of the following statements regarding income recognition is true? A. Owners in a regular…
A: Sole proprietorship is the type of business entity in which its operations and management is…
Q: Valorous Corporation will pay a dividend of $1.75 per share at this year's end and a dividend of…
A: It is a method used to estimate the value of a stock by calculating the present value of its future…
Q: How do you account for a bounced check or a dishonored check?
A: A bounced check, also known as a dishonored check, is a check that is returned unpaid by the bank…
Q: Terrance is age 72 and retired. Beginning in 2022, he must start taking minimum distributions from…
A: A Required Minimum Distribution (RMD) is the minimum amount that a person must withdraw from their…
Q: Lloyd and Harry, equal partners, form the Ant World Partnership. During the year, Ant World had the…
A: When two or more people work together to accomplish a single goal or objective, they form a…
Q: Red Rose Manufacturers Inc. is approached by a potential customer to fulfill a one-time-only special…
A: Contribution Margin per unit = Sales price per unit - Variable cost per unit
Q: Lect the best answer. hich of the following statements regarding various entities is true? O D O A.…
A: Partnership refers to the term which is defined as the contractual agreement among two or more…
Q: The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer,…
A: Total units to be produced = Expected units to be sold + desired ending inventory - estimated…
Q: We have the following information for Sunny Ltd.: • from the marketing expenses account, £6, 250…
A: Total assets is always equal to the sum of total liabilities and stockholders' equity of the…
Q: BDD Partnership is a service-oriented partnership
A: Since, there are two parts to this question. They are as follows:- c. How much capital gain must…
Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…
A: Lets understand the basics. In First in First out (FIFO) method entity assumes that, goods purchased…
Q: Part A: If Stacy Lynn wants to show the bank the maximum profit over the previous 2-year period,…
A: Introduction:- In this scenario, Stacy Lynn is preparing to meet with a bank to negotiate a credit…
Q: Surity Corporation is preparing its cash payments budget for next month. The following information…
A: Budgeting is a process of estimating income, expenses, cash payment or cash receipt for the upcoming…
Q: Vaughan Company sells its product for $80 per unit. During 2020, it produced 7,000 units and sold…
A: The net income under variable costing is calculated as difference between contribution margin and…
Q: MULTIPLE CHOICE Employee benefits are, A. not typically paid for by the employer provided in…
A: Employee benefits are forms of compensation that are provided by employers to their employees, in…
Q: ollowing information applies to the questions displayed below.
A: Transaction/ Adjustment Current Assets Non Current Assets Current Liabilities Non Current…
Q: Assume that a company makes three products-Product A, Product B, and Product C-and provides the…
A: Production with limited factor we need to calculate contribution margin for limited key factor.…
Q: fundamental principles outlined by MIA Bye-laws’ Part A.
A: Malaysian Institute of Accountants (MIA) Bye-laws were issued by the Council Of The Institute and…
Q: 1. Compute the product margins for the B300 and T500 under the company’s traditional costing system.…
A: Hi-Tek Manufacturing, Incorporated produces two types of industrial component parts - B300 and T500.…
Q: Problem 6-10 (Algo) Long-term contract; revenue recognition over time [LO6-8, 6-9] [The following…
A: A construction contract can be accounted for using the percentage of the completion method. In…
Q: Futura Company purchases the 64,000 starters that it installs in its standard line of farm tractors…
A: The fixed costs are the cost that generally does not change when there is a change in the level of…
Q: Considering only the cash budget, the direct materials budget, the production budget, and the…
A: The budgets are the statements that are prepared by the entity for the purpose of estimating the…
Q: For the holidays, Marty gave a watch worth $25,700 to Sobia and jewelry worth $62,750 to Natalie. a.…
A: The percentage of the gift that exceeds the annual gift tax exemption is called the taxable gift…
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Do not give solution in image
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Breakaway Companys labor information for May is as follows: A. What is the actual direct labor rate per hour? B. What is the standard direct labor rate per hour? C. What was the total standard direct labor cost for May? D. What was the direct labor rate variance for May?Reddy Corporation has collected the following data for the month or June: What is the variable overhead efficiency 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 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 varianceCompute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.)Lexi Belcher picked up the monthly report that Irvin Santamaria left on her desk. She smiled as her eyes went straight to the bottom line of the report and saw the favorable variance for operating income, confirming her decision to push the workers to get those last 390 cases off the production line before the end of the month. But as she glanced over the rest of numbers, Lexi couldn't help but wonder if there were errors in some of the line items. She was puzzled at how most of the operating expenses could be higher than the budget since she had worked hard to manage the production line to improve efficiency and reduce costs. Yet the report, shown below, showed a different story. Cases produced and sold Sales revenue Less variable expenses Direct material Direct labor Variable manufacturing overhead Variable selling expenses Variable administrative expenses Total variable expense Contribution margin Less fixed expenses Fixed manufacturing overhead Fixed selling expenses Fixed…
- Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president asked you to review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find the company has never used a flexible budget, and you suggest preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you estimated the following cost formulas and gathered the following actual cost data for March: Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $16,000+ $0.19 per machine-hour $38,500+ $1.30 per machine-hour $0.90 per machine-hour During March, the company worked 20,000 machine-hours and produced 14,000 units. The company originally planned to work 22,000 machine-hours during March. Required: 1. Calculate the activity variances for March. 2. Calculate the spending variances for March. $94,800+ $1.70 per…Parkdale Courier Service employs several delivery specialists. The following reports the information for these specialists for April: $18.20 per hour $19.30 per hour 16,400 hours $ 14,560 U Standard rate Actual rate paid. Standard hours allowed for actual deliveries Labor efficiency variance Required: Based on these data, what was the number of actual hours worked and what was the labor price variance? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Actual hours worked Labor price variance hours
- Ramona Company has the following labor-related data: Standard labor hours for output: 15,000 hours Standard labor rate: $10 per hour Actual labor rate: $8 per hour Actual labor hours: 17,500 hours Given this data, which one of the following would be included in the single journal entry needed to record Wages Payable and the labor variances? a. credit Labor Efficiency Variance for $25,000 b. debit Labor Rate Variance for $35,000 c. credit Wages Payable for $175,000 d. debit Work-In-Process Inventory for $140,000 e. credit Labor Rate Variance for $10,000 f. credit Labor Rate Variance for $35,000 g. credit Labor Efficiency Variance for $10,000Antuan Company set the following standard costs per unit for its product. Direct materials (6 pounds @ $5 per pound) $ 30 Direct labor (2 hours @ $17 per hour) 34 Overhead (2 hours @ $18.50 per hour) 37 Standard cost per unit $ 101 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs $ 45,000 Indirect materials Indirect labor 180,000 Power 45,000 Maintenance 90,000 costs 360,000 Total var ble ove Fixed overhead costs. 24,000 80,000 Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries. 12,000 79,000 Total fixed overhead costs 195,000 Total overhead costs $ 555,000 The company incurred the following actual costs when it operated at 75% of capacity in October. Direct materials (91,000 pounds @ $5.10 per pound) $…The following information pertains to Shalom Company's direct labor at the end of the month: Standard direct labor rate per hour 6.30 Favorable direct labor rate variance Actual direct labor-hours Standard direct labor-hours Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 P8,400 20,000 21,000 Format of percentages: 88% Words must be in capital letters. What is the actual labor cost?