Determine the direct labor rate and time variance for the

Assignment Help Accounting Basics
Reference no: EM13575897

The Freedom Clothes Company produced 19,000 units during June of the current year. The Cutting Department used 3,600 direct labor hours at an actual rate of $13.00 per hour. The Sewing Department used 6,000 direct labor hours at an actual rate of $12.70 per hour. Assume there were no work in process inventories in either department at the beginning or end of the month. The standard labor rate is $12.90. The standard labor time for the Cutting and Sewing departments is 0.20 hour and 0.30 hour per unit, respectively.

Determine the direct labor rate and time variance for the Cutting Department and Sewing Department. Use the minus sign to enter favorable variances as negative numbers.


Cutting Department Sewing Department
Rate variance: $____________      Unfavorable Variance $____________      Favorable Variance
Time variance: $____________      Favorable Variance $____________      Unfavorable Variance
Total direct labor cost variance: $____________      Favorable Variance   

Reference no: EM13575897

Questions Cloud

She is also interested in seeing whether a gender : question a researcher decides to test her hypothesis that some toys are more fun to play with than others so she
Indicate whether each transaction relates to a deferred : hannah companys annual accounting year ends on june 30. it is june 30 2012 and all of the entries for the current year
The expected average rate of return for a proposed : the expected average rate of return for a proposed investment of 800000 in a fixed asset with a useful life of four
Consider the following experiment flip a coin if you obtain : consider the following experiment flip a coin. if you obtain heads roll a die. if you obtain tails draw a ball from a
Determine the direct labor rate and time variance for the : the freedom clothes company produced 19000 units during june of the current year. the cutting department used 3600
Shannon inc has been manufacturing its own shades for its : shannon inc. has been manufacturing its own shades for its table lamps. the company is currently operating at 100 of
Bank b wants to charge the same effective rate on its : effective annual rates bank a offers loans at an 8 nominal rate its apr but requires that interest be paid quarterly
Unfortunately a quick scan of the business news will : unfortunately a quick scan of the business news will normally result in reports of unethical business behavior. to
The estimated long-term real growth rate of the economy is : assume that the consensus required rate of return on common stocks is 14 percent. in addition you read in fortune that

Reviews

Write a Review

Accounting Basics Questions & Answers

  A statement of financial position.

1. FASB Statement No. 117 directs that revenues and expenses be reported in a statement of financial position.

  Journal entry to record the exchange of stock

On January 1,2010, Peach Company issued 1,500 of its $20 par value common shares with a fair value of $60 per share in exchange for the 2,000 outstanding common shares of Swartz Company in a purchase transaction. Registration costs amounted to $1,..

  Although sloan company had good earnings reports in 20x5

although sloan company had good earnings reports in 20x5 and 20x6 it had a negative retained earnings balance on

  Income statement as income from investment

On December 31, 2010, the fair value of the Ranger stock owned by Howdy Doody had increased to $70,000. How much should Howdy Doody show in the 2011 income statement as income from this investment?

  Explain the four basic financial statements what do the

what are the four basic financial statements? what do the different financial statements tell you about a company?

  Describe what is meant by professor millers the cruelest

explain what is meant by professor millers the cruelest corruption of darwins theories in the carrie buck

  Find the firm asset turnover ratio and roa

Torrid Romance Publishers has total receivables of $2,820, which represents 20 days' sales. Total assets are $70,500. The firm's operating profit margin is 6.0%. Find the firm's asset turnover ratio and ROA. (Use 365 days in a year. Do not round i..

  Why is the gaap concept of objective measurement paramount

1. why is the gaap concept of objective measurement paramount in understanding asset valuation?2. describe

  What is the maximum permitted coverdell education

what is the maximum permitted coverdell education savings account contribution that benjamin and ester can make in 2011?

  Implied value of each warrant

Upstate Water Company just sold a bond with 50 warrants attached. The bonds have a 20-year maturity and an annual coupon of 12%, and they were issued at their $1,000 par value. The current yield on similar straight bonds is 15%. What is the implie..

  In a job shop operation four jobs may be performed on any

in a job shop operation four jobs may be performed on any of four machines.nbsp the number of hours required for each

  Reporting the bond liability

On December 31 year 1 Todd Corporation issued 500 of its 10% $1,000 bonds at 105. Todd Corporation uses IFRS. The bonds were issued through an underwriter to whom Todd paid bond issue costs of $15,000. On December 31 Year 1 balance sheet Todd shou..

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