What is labor efficiency variance

Assignment Help Accounting Basics
Reference no: EM13493429

The Koski Company has established standards as follows:

 

  Direct material

 3.20 pounds @ $5.20/pound = $16.64 per unit

  Direct labor

 2.00 hours @ $9.20/hour = $18.40 per unit

  Variable overhead

 2.00 hours @ $6.20/hour = $12.40 per unit

Actual production figures for the past year were as follows:

  Units produced

 620               

  Direct materials used

 2,360 pounds  

  Direct materials purchased (4,200 pounds)

$22,260               

  Direct labor cost (1,070 hours)

$10,058               

  Variable overhead cost incurred

$6,527               

  
rev: 02-11-2011

 1.The materials price variance is (Do not round intermediate calculations.):

  
rev: 02-11-2011

$236 U

$198 U

$11,943 U

$420 U

 

 2. The materials quantity variance is: (Round your answer to nearest dollar amount.)

  
rev: 02-11-2011

$1,993 U

$1,955 U

$10,317 U

$1,993 F

 

 3. The labor rate variance is (Do not round intermediate calculations.):

  
rev: 02-11-2011

$1,350 F

$1,350 U

$214 U

$214 F

 

 4. The labor efficiency variance is: (Round your answer to nearest dollar amount.)

  
rev: 02-11-2011

$1,350 F

$1,564 F

$1,350 U

$1,564 U

I need it to be done 2 hrs please. No more than two  hrs

 

Reference no: EM13493429

Questions Cloud

Compute the entropy and gibbs energy of mixing : In the left compartment there is nitrogen at 1.0 atm and 25°C; in the right compartment there is oxygen at the same temperature and pressure. Calculate the entropy and Gibbs energy of mixing when the partition is removed. Assume that the gases are..
Compute the temperature of the reservoirs : An ideal monatomic gas is the working substance of a Carnot engine. During the isothermal expansion the volume doubles. Compute the temperature of the reservoirs between which the engine operates
Explain what is the ph of the solution at equivalence point : What is the pH of the solution at equivalence point. How many mL of HCl will need to be added to the methlamine, CH3NH2 solution to reach a pH of 10.64. What will the major species in solution be when 1198.75 mL of HCl has been added to the base s..
Explain how many molecules of carbon dioxide : How many molecules of carbon dioxide will be formed if 4.89 g of propane, C3H8, is burned with excess oxygen. Correct Answer : 2.00 × 1023 molecules
What is labor efficiency variance : Actual production figures for the past year were as follows.
Determine the current and power : Let there be a 6 volt energy source and a resistor of 10 ohms in a circuit. Determine the current and power
Explain which process would have a entropy greater than 0 : Which process would have a entropy greater than 0. a. n2(g)+3H2(g) = 2nh3(g) b. ch4(g) + h2o(g) = co(g) + 3h2(g) I believe it's b. because the molar masses of the products are similar so I would say that b. has more complex species so it's entropy..
The combustion of gasoline in a car engine water condensing : Are the following processes exothermic or endothermic. the combustion of gasoline in a car engine water condensing on cold pipe CO2(s) CO2(g) F2 2F(g)
What is the density of the log : A cylindrical log of uniform density and radius R = 30.0 cm floats so that the vertical distance from the water line to the top of the log is d = 12.0 cm

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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