Compute the total labor variance

Assignment Help Accounting Basics
Reference no: EM131603187

Question - Lewis Company's standard labor cost of producing one unit of product DD is 4 hour at the rate of $12.00 per hour. During August, 40,600 hours of llabor are incurred at a cost of $12.'15 per hour to product 10,000 units of product DD.

Instructions -

(a) Compute the total labor variance.

(b) Compute the labor price and quantity variances.

(c) Repeat (b), assuming the standard is 4.1 hours of direct labor at $12.25 per hour.

Reference no: EM131603187

Questions Cloud

Find the manufacturing overhead budget for the same period : Ash Company manufacturers telephone handsets under various brand names. A manufacturing overhead budget for the same period
Prepare pronghorn journal entry to record profit or loss : Prepare Pronghorn's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method
Compare the views of management and accountants : Compare and contrast the views of management and accountants regarding the changes required by the Sarbanes-Oxley Act on internal controls
Balance of payments-exchange rate-foreign reserve holdings : Document the trend in Mexico's key economic indicators, such as the balance of payments, the exchange rate, and foreign reserve holdings,
Compute the total labor variance : Lewis Company's standard labor cost of producing one unit of product DD is 4 hour at the rate of $12.00 per hour. Compute the total labor variance
What macrs convention applies to the new car : On May 15, 2015, Leo purchased and placed in service a new car that cost $27,000. What MACRS convention applies to the new car
Evaluating cash flows with the net present value method : Evaluating cash flows with the NPV method the net present value (NPV) rule is considered one of the most common.
Fixed assets and permanent current assets : Fixed assets and permanent current assets are financed with long-term capital (equity) plus long-term debt.
What will your cumulative mark to market be : Suppose corn prices are $5.08 per bushel in July. What will your cumulative mark to market be?

Reviews

Write a Review

Accounting Basics Questions & Answers

  The charter of a corporation provides for the issuance of

the charter of a corporation provides for the issuance of 100000 shares of common stock. assume that 45000 shares were

  Steps in testing a research hypothesis

Prepare a 200-300 word paper discussing the steps in testing a research hypothesis.

  Depreciation deductions

During the current year, Hugo sells equipment for $150,000, which it placed in service in 2009. The equipment cost $175,000, and $55,000 of depreciation deductions was allowed. The results of the sale are

  Audit of internal control-importance of audit committee

Explain why an audit of internal control provides value to the investing public. Explain the importance of an audit committee to the reliability of the financial statements and the audit function

  You have started a business that has now been going for a

you have started a business that has now been going for a couple of years. due to the increased volume in sales you

  At the beginning of the year logan services purchased a

at the beginning of the year logan services purchased a used airplane for 65000000. logan services expects the plane to

  What is the purpose of the constructive receipt doctrine

Who can qualify for the dependency exemption?Who takes preference?

  Geddes traded in equipment with a book value of 2000

jane geddes engineering corporation purchased conveyor equipment with a list price of 10000. the vendors credit terms

  Assume that selk has a significant influence over kildaire

Selk Steel Co., which began operations on January 4, 2013, had the following subsequent transactions and events in its long- term investments. 2013 Jan. 5 Selk purchased 60,000 shares (20% of total) of Kildaire's common stock for $1,560,000.

  You have been asked to speak at a career fair for high

you have been asked to speak at a career fair for high school students in your home town. specifically you are making a

  When a company is wound-up all persons who ceased to be

when a company is wound-up all persons who ceased to be the shareholders within a year before the winding-up are placed

  Define the term expenditure

Define the term expenditure and distinguish between that term and the following terms: expense, disbursement, encumbrance and other financing use.

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!

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