How to calculate direct labor time variance Chapter 10 Performance Evaluation Using Variances from Standard Costs467EX 10-11 Direct materials and direct labor variancesOBJ.3At the beginning of June, Faiz Mainan Sdn Bhd budgeted 5,000 toy action figures to be manu-factured in June at standard direct materials and direct labor costs as follows:Direct materialsRM50,000Direct labor36,000TotalRM86,000The standard materials price is RM4.00 per pound. The standard direct labor rate isRM18.00 per hour. At the end of June, the actual direct materials and direct labor costswere as follows:Actual direct materials RM49,600Actual direct labor34,020TotalRM83,620There were no direct materials price or direct labor rate yariances for June. In addition, assumeno changes in the direct materials inventory balances in June. Faiz Mainan Sdn Bhd Companyactually produced 4,850 units during June.Determine the direct materials quantity and direct labor time variances.

Name: How to calculate direct labor time variance Chapter 10 Performance Eva
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: How to calculate direct labor time variance Chapter 10 Performance Evaluation Using Variances from Standard Costs467EX 10-11 Direct materials and direct labor variancesOBJ.3At the beginning of June, Faiz Mainan Sdn Bhd budgeted 5,000 toy action figur

Direct Material quantity variance = (Standard quantity - actual quantity used)*standard rate Direct…

Business

Accounting

Chapter 10 Performance Evaluation Using Variance EX 10-11 Direct materials and direct labor variances At the beginning of june, Faiz Mainan Sdn Bhd budgeted 5,000 toy factured in June at standard direct materials and direct labor costs a Direct materials RM50,000 Direct labor 36,000 RM86,000 Total The standard materials price is RM4.00 per pound. The star RM18.00 per hour. At the end of June, the actual direct materia were as follows: Actual direct materials RM49,600 Actual direct labor 34,020 Total RM83,620 There were no direct materials price or direct labor rate variances fo no changes in the direct materials inventory balances in June. Faiz M actually produced 4,850 units during June. Determine the direct materials quantity and direct labor time varia

Chapter 10 Performance Evaluation Using Variance EX 10-11 Direct materials and direct labor variances At the beginning of june, Faiz Mainan Sdn Bhd budgeted 5,000 toy factured in June at standard direct materials and direct labor costs a Direct materials RM50,000 Direct labor 36,000 RM86,000 Total The standard materials price is RM4.00 per pound. The star RM18.00 per hour. At the end of June, the actual direct materia were as follows: Actual direct materials RM49,600 Actual direct labor 34,020 Total RM83,620 There were no direct materials price or direct labor rate variances fo no changes in the direct materials inventory balances in June. Faiz M actually produced 4,850 units during June. Determine the direct materials quantity and direct labor time varia

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 22E: (Appendix) Calculating factory overhead: four variances Atlanta Adhesives Inc. budgets 15,000 direct...

See similar textbooks

Similar questions

Refer to Cornerstone Exercise 8.13. In March, Nashler Company produced 163,200 units and had the following actual costs: Required: 1. Prepare a performance report for Nashler Company comparing actual costs with the flexible budget for actual units produced. 2. What if Nashler Companys actual direct materials cost were 1,175,040? How would that affect the variance for direct materials? The total cost variance?
Question Content Area Myers Corporation has the following data related to direct materials costs for November: actual cost for 4, 690 pounds of material at $5.30 and standard cost for 4, 410 pounds of material at $6.30 per pound. The direct materials price variance is a. $1,764 favorable b. $4,690 favorable c. $1,764 unfavorable d. $4,690 unfavorable
#3 Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $9 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH Total budgeted (standard) cost Actual Results (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June.
BKAL1013 Business Accounting PART B: DIRECT MATERIALS AND DIRECT LABOR VARIANCES At the beginning of June, Faiz Mainan Sdn. Bhd. budgeted 5,000 toys action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials RM50,000 Direct labor RM36.000 Total RM86,000 The standard materials price is RM4.00 per pound. The standard direct labor rate is RM18.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials RM49,600 Actual direct labor RM34,020 Total RM83,620 There were no direct materials price or direct labor rate variance for June. In addition, assume no charges in the direct materials inventory balances in June. Faiz Mainan Sdn. Bhd. actually produced 4,850 units of toys action figures during June. REQUIRED: (a) Determine the direct materials quantity variance. (b) Determine the direct labor time variance.
PART B: DIRECT MATERIALS AND DIRECT LABOR VARIANCES At the beginning of June, Faiz Mainan Sdn. Bhd. budgeted 5,000 toys action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials RM50,000 Direct labor RM36,000 Total RM86,000 The standard materials price is RM4.00 per pound. The standard direct labor rate is RM18.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials RM49,600 Actual direct labor RM34.020 Total RM83,620 There were no direct materials price or direct labor rate variance for June. In addition, no charges in the direct materials inventory balances in June. Faiz Mainan Sdn. Bhd. actually produced 4,850 units of toys action figures during June. assume REQUIRED: (a) Determine the direct materials price variance. (b) Determine the direct labor rate variance.
8.Hithlum Inc. uses a standard cost system. Overhead cost information for product SK for the month of May is as follows: Total overhead cost incurred P12,600 Fixed overhead budgeted P 3,300 Total standard overhead rate per direct labor hour P 4.00 Variable overhead rate per direct labor hours P 3.00 Standard hours allowed for actual production 3,500What is the overall overhead variance?
EXERCISES: STANDARD COSTING with GROSS PROFIT VARIANCE ANALYSIS 1. Materials and Labor Variance Analysis Jollibee Company has established the standard for a single unit of its product, CLICK Camera Tripod: Direct materials Direct labor 2. 3. 3 pieces at P 5 per piece 2 hours at P 10 per hour At the start of July, production of 1,000 units of tripod was budgeted based on normal capacity. At the end of July, actual production was 1,200 units of tripod, which resulted to using 4,000 pieces of materials purchased at P 6 per piece. REQUIRED: 1. Based on the BUDGETED production of 1,000 units: A) How many pieces of materials must the company plan to use? (Budgeted quantity) B) How much materials cost is included in the budget? (Budgeted materials cost) Determine the actual cost of materials used. Based on the ACTUAL production of 1,200 units: A) How many pieces of materials should have been used? (Standard quantity) B) How much materials cost should have been incurred? (Standard materials…
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required a. Material Price Variance and Material Quantity Variance b. Labor Rate Variance and Labor Efficiency Variance
A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds $9 per pound i 2 DLH $15 per DLH 2 DLH @ $12 per DLH Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ Standard Quantity AP = Actual Price SP Standard Price Exercise 21-9 (Algo) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost $ $ Actual Results 51,500 pounds @ $9.10 per pound 16,700 hours $15.50 per hour 0 0 $ 209,200 8,500 units $ 0 Standard Cost
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required Material Price Variance and Material Quantity Variance Labor Rate Variance and Labor Efficiency Variance Entries in general journal to record the above information What do you realize whether the overall variation is in favorable or unfavorable?
Hemlock, Inc. uses standard costing and has set the following production standards for direct labor (DL). Standard direct labor hours (DLHs) per unit Standard wage rate 2 DLHs $18.00 per DLH 5,000 units Budgeted Units to be produced For the most recent month of operation, Hemlock recorded the following. Actual Units Produced Direct labor rate variance Actual cost of direct labor 16 What were the actual DLHs for the month? A. 10.200 DLHs 10,100 DLHs 10.240 DLHS 10,000 DLHs B. C. D. E. None of the above 5,100 units $120 Unfavorable $184.440
Standard Costing and Variance Analysis Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00 direct labor hour per Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. Th following are the selected production data for the month: Materials Direct Variable used Labor FOH P52,500 Standard Cost allowed Actual cost incurred P84,000 P75,000 P6,000 U P21,000 P18,000 ? Materials Quantity variance Actual direct labor hours 7,500 hours Standard FOH rate per direct labor hour Standard Price per meter P3.00/hr. P6.00 /m. The difference between the standard and actual cost per unit produced is P0.15 favorable. Required: Compute the following: 1. The standard cost per unit of product. 2. The actual cost per unit of product. Standard Quantity per unit. 4. Material Price variance. 3. 5. 6. Labor Rate variance. Standard direct labor rate per hour. 7. Labor…