User Account

All Pages

Calculate the labor efficiency variance

Assignment Help Managerial Accounting
Reference no: EM132972007

Question - Acme Inc. has the following information available

Actual price Paid for material $1.00

Standard price for material $1.20

Actual quantity purchased and used in production 100

Standard quantity purchased for units produced 110

Actual labor rate per hour $15

Standard labor rate per hour $16

Actual hours 200

Standard hours for units produced 220

Required -

1. Calculate the material quantity variance and indicate if the variance is favorable or unfavorable?

2. Calculate the labor rate variance and indicate if the variance is favorable or unfavorable?

3. Calculate the labor efficiency (time) variance and indicate if the variance is favorable or unfavorable?

Reference no: EM132972007

Questions Cloud

What were standard hours allowed for actual output achieved : The city of Los Angeles has a maintenance shop where truck repairs are performed. What were standard hours allowed for actual output achieved
What comes to mind about inferential statistics : As you think about the pandemic, what comes to mind about inferential statistics?
What is the amount of the trade discount : Ransford and Alda Mariano own a home recently appraised for $426,500. What is the amount (in dollars) of the trade discount
By how much did BlubBlub Co deferred tax assets decrease : The federal corporate income tax rate is 21%. By how much did BlubBlub Co.'s deferred tax assets decrease in 2019
Calculate the labor efficiency variance : Actual quantity purchased and used in production 100. Calculate the labor efficiency (time) variance and indicate if the variance is favorable or unfavorable
Prepare Root flexible budget performance report : Prepare Root's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance
Determine the total flexible budget cost : The company has budgeted variable costs of $135 for each connector and fixed costs of $8,000 per month. Determine the total flexible budget cost
Perform a break-even analysis : You just inherited a million dollars from your grandfather. You always had a talent for cooking and have long dreamed of opening an expensive gourmet restauran
Determine Fallow X taxable income : Fallow Corporation is subject to tax only in State X. Determine Fallow's X taxable income assuming that interest on X obligations is exempt from X income tax

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd