Question

Cyric Company’s labor standard for one unit of a given product is 12 hours, and the...

Cyric Company’s labor standard for one unit of a given product is 12 hours, and the standard rate for one hour of labor is $70. The company actually made 300 units of the product, and used 3,300 hours of labor, and incurred $260,000 labor cost.

(a) Compute the rate variance

(b) Is the rate variance favorable or unfavorable?

(c) Compute the efficiency variance

(d) Is the efficiency variance favorable or unfavorable?

(e) Compute the spending (total) variance

(f) Is the spending (total) variance favorable or unfavorable?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Lewis Company’s standard labor cost of producing one unit of Product DD is 3.8 hours at...
Lewis Company’s standard labor cost of producing one unit of Product DD is 3.8 hours at the rate of $10.9 per hour. During August, 41,500 hours of labor are incurred at a cost of $11.05 per hour to produce 10,800 units of Product DD. (a) Compute the total labor variance. Total labor variance $   Favorable   Neither favorable nor unfavorable   Unfavorable   (b) Compute the labor price and quantity variances. Labor price variance $   Neither favorable nor unfavorable   Unfavorable   Favorable   Labor quantity variance $   Favorable   Unfavorable   Neither favorable...
5.          A company’s manufacturing plans were as follows: Units to be manufactured:       1,000 units Budgeted variable...
5.          A company’s manufacturing plans were as follows: Units to be manufactured:       1,000 units Budgeted variable costs:                      $50,000 [50q ($50 per unit)] Budgeted fixed costs:              $30,000 Budgeted mixed costs:             $20,000 [14,000 + 6q ($14,000 fixed + $6 per unit)] Later, the company actually produced 1,200 units, and incurred variable costs of $52,000; fixed costs of $31,000; and mixed costs of $21,000. The flexible budget for 1,200 units will show the total budgeted cost of $_______. The amount of the overall...
Lewis Company’s standard labor cost of producing one unit of Product DD is 3.70 hours at...
Lewis Company’s standard labor cost of producing one unit of Product DD is 3.70 hours at the rate of $10.60 per hour. During August, 40,400 hours of labor are incurred at a cost of $10.75 per hour to produce 10,800 units of Product DD. (a) Compute the total labor variance. Total labor variance $enter the Total labor variance in dollars select an option (b) Compute the labor price and quantity variances. Labor price variance $enter a dollar amount select an...
The standard direct labor cost for producing one unit of product is 5 direct labor hours...
The standard direct labor cost for producing one unit of product is 5 direct labor hours at a standard rate of pay of $12. Last month, 15,000 units were produced and 73,500 direct labor hours were actually worked at a total cost of $810,000. The direct labor quantity variance was A) $18,000 favorable B) $18,000 unfavorable c) $27,000 unfavorable D) $27,000 favorable
The standard direct labor cost for producing one unit of product is 5.7 direct labor hours...
The standard direct labor cost for producing one unit of product is 5.7 direct labor hours at a standard rate of pay of $20. Last month, 16,000 units were produced and 86,200 direct labor hours were actually worked at a total cost of $1,685,000. How much was the direct labor quantity variance? (Enter a favorable variance as a positive number or an unfavorable variance as a negative number.)
Standards for producing one unit of product: Standard Quantity Direct Materials 2lbs Direct labor 2 hours...
Standards for producing one unit of product: Standard Quantity Direct Materials 2lbs Direct labor 2 hours Other data: Materials actually purchased Material price variance Materials actually used to produce 300 units of output Labor efficiency variance Standard Price $1.80 per lbs $18 per hour 4,500 lbs $450 unfavorable 780 lbs $90 unfavorable a. The material purchase price per pound. b. The material quantity variance. c. The actual number of hours worked.
The following labor standards have been established for a particular product: Standard labor hours per unit...
The following labor standards have been established for a particular product: Standard labor hours per unit of output 4.5 hours Standard labor rate $ 20.30 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 7,100 hours Actual total labor cost $ 144,840 Actual output 1,500 units Required: a. What is the labor rate variance for the month? b.  What is the labor efficiency variance for the month? (Indicate the effect of each...
Glavine & Co. produces a single product, each unit of which requires three direct labor hours...
Glavine & Co. produces a single product, each unit of which requires three direct labor hours (DLHs). Practical capacity (for setting the factory overhead application rate) is 42,000 DLHs, on an annual basis. The information below pertains to the most recent year: Standard direct labor hours (DLHs) per unit produced 3.00 Practical capacity, in DLHs (per year) 42,000 Variable overhead efficiency variance $ 11,000 unfavorable (U) Actual production for the year 12,500 units Budgeted fixed manufacturing overhead $ 840,000 Standard...
At Roger, the standard quantity of labor is 25 hours per refrigeration unit. The standard wage...
At Roger, the standard quantity of labor is 25 hours per refrigeration unit. The standard wage rate is $36. In July, the company produced 83 refrigeration units and incurred 2,100 labor hours at a cost of $65,100. Calculate the labor rate variance and the labor efficiency variance. Indicate whether the variances are favorable or unfavorable. (Round intermediate calculations to 2 decimal places, e.g. 14.37 and final answers to 0 decimal places, e.g. 125. Enter all variances as a positive number.)...
Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard...
Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard direct labor hours (DLHs) per unit of product 2 Budgeted finished units for the period 7,300 Actual number of finished units produced 5,800 Standard wage rate per direct labor hour (SP) $ 22.00 Direct labor costs incurred $ 260,000 Actual wage rate per direct labor hour (AP) $ 20.00 The direct labor efficiency variance for October, rounded to the nearest dollar, was: Multiple Choice...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT