Determine the number of actual labour-hours spent

Assignment Help Financial Accounting
Reference no: EM132492591

The auto repair shop of Quality Motor Company uses standards to control the labour time and labour cost in the shop. The standard labour cost for a motor tune-up follows:

Job                  Standard Hours              Standard Rate               Standard Cost

Motor tune-up    4                                 $13                          $52

The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 40 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups:

Labour rate variance $112 F

Total labour variance 118 U

Required:

Question 1: Determine the number of actual labour-hours spent on tune-ups during the week. (Round your answer to the nearest whole number.)

Question 2: Determine the actual hourly rate of pay for tune-ups last week. (Hint: A useful way to proceed would be to work from known to unknown data either by using the variance formulas or by using the columnar format shown in Exhibit 11-5.) (

Reference no: EM132492591

Questions Cloud

What is the payback rate for Grameen loans : What is the payback rate for Grameen loans? Why are nearly all Grameen loans given to women? Why were husbands initially opposed to Grameen loans
What is the annual cost of trade credit : What is the annual cost of trade credit when the terms are 1/10, net 30? Assume a year has 360 days.12.1% (rounded),12.3% (rounded)
Calculate the mean absolute deviation for last nine months : Calculate the mean absolute deviation (MAD) for the last nine months of forecasts. Which method is better?
What is the future role of accountants as technology evolves : How much of this work do you think is or will be automated for accountants? What is the future role of accountants as technology evolves
Determine the number of actual labour-hours spent : Determine the number of actual labour-hours spent on tune-ups during the week. (Round your answer to the nearest whole number.)
Worth of government securities from bmo : Suppose the Bank of Canada buys $5 million worth of government securities from BMO, a commercial bank.
What amount should be reported as income : In Acorn's current-year corporate income tax return, what amount should be reported as income before special deductions
What George do to ensure that redemption will be treated : Crescent has current E&P of $1,000,000 and accumulated E&P of $5,000,000. What must George do to ensure that the redemption will be treated
What are the healthcare business basics : What are the Healthcare business basics? Given this information what is the firms net income? ( net income is what remains after taxes have been paid out)

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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