User Account

All Pages

Compute the labor rate and efficiency variances for month

Assignment Help Accounting Basics
Reference no: EM132690294

The Tachanka Company uses standard costing and has established the following direct material and direct labor standards for each unit of the single product it makes:

Direct materials 4 gallons at $8 per gallon

Direct labor 1 hour at $16 per hour

During July, the company made 6,000 units of product and incurred the following costs:

Direct materials purchased 26,800 gallons at $8.20 per gallon

Direct materials used 25,200 gallons

Direct labor used 5,600 hours at $15.30 per hour

Required:

Problem 1: Compute the materials price and quantity variances for the month.

Problem 2: Compute the labor rate and efficiency variances for the month.

Reference no: EM132690294

Questions Cloud

Derive the income and interest-rate elasticity in baume : Derive the income and interest-rate elasticity's in Baume's inventory model of the transaction demand for demand deposits if interest is paid on demand deposits
Discuss the nominal income elasticity of the transactions : Demand function may not have been that unrealistic for the nineteenth and early twentieth centuries in Western, and other, economies." Discuss this statement.
Compare the cost minimization and the profit maximization : Compare the cost minimization and the profit maximization approaches to the derivation of the transactions demand for money.
Is the iasb justified in focusing purely of financiers : Acknowledged a wider range for users of financial reports. is the IASB justified in focusing purely on the needs of financiers for financial information?
Compute the labor rate and efficiency variances for month : Compute the labor rate and efficiency variances for the month. Compute the materials price and quantity variances for the month.
What the cumulative effect of this accounting change : Straight-line method of depreciation for this equipment. Assuming a 30% tax rate, the cumulative effect of this accounting change, net of tax, is
Explain why think is the best suited for the business : How do Explain the cost of goods sold, ending inventory, and how the inventory valuation method you have chosen may impact these two factors.
Calculate the net profit for the business : White received progress payments of $78,000 for the year ended, while his expenses totalled $82,000. Calculate the net profit for the business
Which of procedures would be classified as closing procedure : Which of procedures would be classified as closing procedure? Adjusting the prepaid insurance account for insurance coverage used

Reviews

Write a Review

Accounting Basics Questions & Answers

  Harrington company is a us-based company that prepares its

a. harrington company is a u.s.-based company that prepares its consoli- dated financial statements in accordance with

  Stowers research issues bonds dated january 1 2011 that pay

stowers research issues bonds dated january 1 2011 that pay interest semiannually on june 30 and december 31. the bonds

  In 2003 landry restaurants reported the cost of their

a carrie company sold merchandise with an invoice priceof 1000 to underwood inc. with terms of 210 n30. which ofthe

  Determine the new number of shares outstanding in parts

Determine the new number of shares outstanding in parts (a) through (d),  RC has a three - for - seven reverse stock split?

  Making a statement of cash flows

Which one of the following items is not necessary in preparing a statement of cash flows?

  Determine the product unit cost for one bear

Last month the company produced 5,000 bears. Using job order costing, determine the product unit cost for one bear

  Show how the results of this transaction would be reported

Barton Chocolates used a promissory note to borrow $ 1,000,000 on July 1, 2015, at an annual interest rate of 6 percent. The note is to be repaid in yearly installments of $ 200,000, plus accrued interest, on June 30 of every year until the note is p..

  Depreciation and income taxes should be ignored

Depreciation and income taxes should be ignored, Calculate the IRR in excel

  What is the amount of interest that crocus should capitalize

What is the amount of interest that Crocus should capitalize in 2016, using the specific interest method (rounded to the nearest thousand dollars)?

  Create journal entries to record the foregoing transactions

Create statement of stockholders' equity. Net income for the year is $341,000. Create journal entries to record the foregoing transactions.

  Prepare the journal entry to record the write -off

During the next month, January 2020, a $5,000 account receivable is written off as uncollectible. Prepare the journal entry to record the write -off

  The incremental income or loss on reworking the units is

The incremental income or loss on reworking the units is:$14,720 loss.$14,720 income.$10,240 loss.$24,960 income.$22,080 income.

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