Determine the labor rate variance

Assignment Help Accounting Basics
Reference no: EM132769439

Question - Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows:

Direct material of 5.00 yards at $5.50 per yard

Direct labor of 2.50 hours at $20.00 per hour

Overhead applied per sleeping bag at $17.00

In the month of April, the company actually produced 5,200 sleeping bags using 27,300 yards of material at a cost of $5.50 per yard. The labor used was 11,700 hours at an average rate of $18.50 per hour. The actual overhead spending was $96,200.

Determine the labor rate variance and round to the nearest whole dollar. Enter a favorable variance as a negative number. Enter an unfavorable variance as a positive number.

Reference no: EM132769439

Questions Cloud

What journal entry and footnote disclosures ABC Inc make : What journal entry and footnote disclosures would ABC, Inc. make, if any, at the end of its fiscal year
Calculate the total interest charged for the loan : Calculate the total interest charged for the loan. Find the amount that he has to pay on the 6th payment, if he failed to pay the first 5 monthly payments
Compute the Black Company deduction for wages for the year : Black Company paid total wages to all of its employees of $180,000 for the year, Compute the Black Company deduction for wages for the year
Describe intercompany merchandise sales : Describe Intercompany merchandise sales. Describe the order in which assets must be distributed upon liquidation of a partnership
Determine the labor rate variance : The labor used was 11,700 hours at an average rate of $18.50 per hour. The actual overhead spending was $96,200. Determine the labor rate variance
How much cash will increase during the month of March : Depreciation Expense is $50,000. Use this information to determine how much cash will increase (decrease) during the month of March
Responsibilities of food and beverage : Analyze the functions and responsibilities of the food and beverage director to determine which presents the greatest challenge(s),
Important to restaurant success : Analyze key location criteria to determine which two are the most important to a restaurant's success.
Prepare the journal entry to record depletion : Blue Corporation, a publicly traded mining company, acquires a mine at a cost of $710,000. Prepare the journal entry to record depletion

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the cost of producing the dishes

Prepare the menu and write product descriptions to explain each dish. Next, you should calculate the cost of producing the dishes

  What is the amount of contribution margin per unit

Shadow Lake Bottling Company produces a soft drink that is sold for a dollar, what is the amount of contribution margin per unit

  Nancy gave her grandson sean twenty acres of land her tax

. nancy gave her grandson sean twenty acres of land. her tax basis in the land was 25000. nancyamp39s marginal tax rate

  What types of accounts are closed by transfer their balances

During the month, Gilbert Labs Co. has a substantial number of transactions affecting each of the following accounts.

  What is the intrinsic value of the option

Twitter is trading at $34.50. Call options with a strike price of $35 are priced at $2.30. What is the intrinsic value of the option?

  What is the most you should pay for the annuity

You could earn 5.5% on your money in other investments with equal risk. What is the most you should pay for the annuity

  Accountant of growth industries

Each of the following statements represents a decision made by the accountant of Growth Industries: a. A tornado destroyed $200,000 in uninsured inventory. This loss is included in the cost of goods sold.

  Make amortization table for first four semi-annual interest

Prepare an amortization table for the first four semi-annual interest periods. Winner Lid. amortizes bond discounts by the effective-interest method.

  Net income dividends declared

Net Income Dividends Declared

  Calculate Martinez Inc basic earnings per share

The income tax rate for the fiscal year was 40%. Calculate Martinez Inc.'s basic earnings per share for the year ended August 31, 2020

  Ending work in process inventory in first processing

How many units are in ending work in process inventory in the first processing department at the end of the month?

  What is the transfer price range

The Machine Products Division has a bid from an outside supplier for the special parts at $29.00 per unit. What is the transfer price range

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