User Account

All Pages

What would be the labor efficiency variance

Assignment Help Managerial Accounting
Reference no: EM132777213

Question - According to the standards that have been set for the robes, the factory should work 780 direct labor-hours each month and produce 1,950 robes.

At standard, each robe should require 2.8 yards of material. All of the materials purchased during the month were used in production.

Standard costs:

Direct Materials: Total $35,490; per unit of product: $18.20

Direct labor: Total $7,020; Per unit of product: $ 3.60

Variable Manufacturing Overhead (based on direct labor hours) Total: 2,340; Per Unit of product: $1.20

During Sep, the factory worked only 760 direct labor-hours and produced 2,000 robes. The following actual costs were recorded during the month:

Direct Materials (6,000 yards) Total: $36,000; Per unit of Product: $18.00

Direct Labor Total: $7,600; Per unit of Product: 3.80

Variable Manufacturing OH Total: $3,800; per unit of product: $1.90

Required - What would be the labor efficiency variance?

Reference no: EM132777213

Questions Cloud

How much did the preferred shareholders receive : A sports equipment company issued a $3 cumulative preferred stock issue. How much did the preferred shareholders receive in 2000
What is the intrinsic value of ABC stock : The risk free rate of return is 5 percent, the market risk premium is 10 percent, Dividends are expected to grow by 2 percent. What's the intrinsic value of ABC
Calculate the company mark-up percentage : Calculate the company's mark-up percentage on absorption cost if the company expects to sell 15,000 units during the next fiscal year
Prepare schedule of cost of goods manufactured and sold : Factory overhead is applied using a predetermined overhead rate of $0.70 per direct labor dollar. Prepare schedule of cost of goods manufactured and sold
What would be the labor efficiency variance : Variable Manufacturing Overhead (based on direct labor hours) Total: 2,340; Per Unit of product: $1.20. What would be the labor efficiency variance
Determine the fixed asset turnover ratio for year : Fixed Asset Turnover Ratio - Financial statement data for years ending December 31 for Dennis Company follow: Determine the fixed asset turnover ratio for Year
What would be the equivalent units of production : If 10,000 units were transferred to the next processing center during the month, what would be the equivalent units of production for conversion costs
At what amount should the note receivable from UUU Company : The present value of annuity of 1 at 8% for five year is 3.9927. At what amount should be the note receivable from UUU Company be reported at year-end
What does the nominal interest rate parity state : What does the nominal interest rate parity state? A currency premium would lead to a modification of the nominal interest rate parity condition. Why

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Determine how much was sales for the period

Finished goods inventory decreased by $86,000. If gross profit was $2,560,000. Determine how much was sales for the period?

  What is estimated cost of raw material purchases for april

Assume If the company pays $2.55 per pound of raw material, then what is the estimated cost of raw material purchases for April?

  Find balance in the accounts receivable account should be

Mikey $5,000 for services to be provided in the future. At the end of January, the balance in the accounts receivable account should be

  Written report on the functions of management accounting

Prepare a well-researched written report on the functions of Management Accounting. Your presentation should cover among other things

  Create a journal entry to close any balance to cost of goods

Gold Nest Company of Guandong, China, Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.

  How to prepare condensed income statement

Prepare condensed income statement, including proper presentation of the discontinued restaurant operations and the nonrecurring loss

  What is total static budget variance for ames golf company

What total static budget variance for Ames Golf Company? company sells 1 pack of golf balls for $10 per pack. $10 selling price is also budgeted selling price.

  Find how much of the unit product cost relevant in decision

An outside supplier has offered to sell the company,How much of the unit product cost of P57.10 is relevant in the decision of whether to make or buy the part?

  Which striking furs can protect itself against the losses

Globalization, Explain ways in which Striking Furs can protect itself against the losses that would arise from a sudden increase in the foreign exchange rate.

  What should recommend to the controller

There are several ways to separate mixed cost . What should recommend to the controller as to which method should be used?

  Find the necessary average annual income

Determine the necessary average annual income (using straight-line depreciation) that must be achieved on this project for it to be acceptable to Harris.

  What value of ending inventory under variable costing

The company produced 33,000 units, and sold 27,000 units, leaving 6,000 units in inventory at year- end. What value of ending inventory under variable costing?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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