SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon withmixed vegetables. During the most recent week, the company prepared 4,400 of these meals using 1,700 direct labor-hours. Thecompany paid its direct labor workers a total of $17,000 for this work, or $10.00 per hour.According to the standard cost card for this meal, it should require 0.40 direct labor-hour at a cost of $9.40 per hour.Required:1. What is the standard labor-hours allowed (SH) to prepare 4,400 meals?2. What is the standard labor cost allowed (SH x SR) to prepare 4,400 meals?3. What is the labor spending variance?4. What are the labor rate variance and the labor efficiency variance?Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and"None" for no effect (i.e., zero variance). Input all amounts as positive values.1. Standard labor-hours allowed2. Standard labor cost allowed3. Labor spending variance4. Labor rate variance4. Labor efficiency variance Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic.During the quarter ending June 30, the company manufactured 3,800 helmets, using 2,470 kilograms of plastic. The plastic cost thecompany $16,302.According to the standard cost card, each helmet should require 0.60 kilogram of plastic, at a cost of $7.00 per kilogram.Required:1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,800 helmets?2. What is the standard materials cost allowed (SQ × SP) to make 3,800 helmets?3. What is the materials spending variance?4. What are the materials price variance and the materials quantity variance?Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and"None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.1. Standard quantity of kilograms allowed2. Standard cost allowed for actual output3. Materials spending variance4. Materials price variance4. Materials quantity variance

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SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon w mixed vegetables. During the most recent week, the company prepared 4,400 of these meals using 1,700 direct labor-hours. The company paid its direct labor workers a total of $17,000 for this work, or $10.00 per hour. According to the standard cost card for this meal, it should require 0.40 direct labor-hour at a cost of $9.40 per hour. Required: 1. What is the standard labor-hours allowed (SH) to prepare 4,400 meals? 2. What is the standard labor cost allowed (SH x SR) to prepare 4,400 meals? 3. What is the labor spending variance? 4. What are the labor rate variance and the labor efficiency variance? Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. 1. Standard labor-hours allowed 2. Standard labor cost allowed 3. Labor spending variance 4. Labor rate variance 4. Labor efficiency variance

SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon w mixed vegetables. During the most recent week, the company prepared 4,400 of these meals using 1,700 direct labor-hours. The company paid its direct labor workers a total of $17,000 for this work, or $10.00 per hour. According to the standard cost card for this meal, it should require 0.40 direct labor-hour at a cost of $9.40 per hour. Required: 1. What is the standard labor-hours allowed (SH) to prepare 4,400 meals? 2. What is the standard labor cost allowed (SH x SR) to prepare 4,400 meals? 3. What is the labor spending variance? 4. What are the labor rate variance and the labor efficiency variance? Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. 1. Standard labor-hours allowed 2. Standard labor cost allowed 3. Labor spending variance 4. Labor rate variance 4. Labor efficiency variance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon with new potatoes and mixed vegetables. During the most recent week, the company prepared 4,400 of these meals using 1,700 direct labor-hours. The company paid its direct labor workers a total of $17,000 for this work, or $10.00 per hour. According to the standard cost card for this meal, it should require 0.40 direct labor-hours at a cost of $9.40 per hour. Required: 1. What is the standard labor-hours allowed (SH) to prepare 4,400 meals? 2. What is the standard labor cost allowed (SH x SR) to prepare 4,400 meals? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Answer is not complete. 1.…
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SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company’s products is grilled salmon with new potatoes and mixed vegetables. During the most recent week, the company prepared 4,800 of these meals using 1,400 direct labor-hours. The company paid its direct labor workers a total of $18,200 for this work, or $13.00 per hour. According to the standard cost card for this meal, it should require 0.30 direct labor-hours at a cost of $12.50 per hour. Required: What is the standard labor-hours allowed (SH) to prepare 4,800 meals? What is the standard labor cost allowed (SH × SR) to prepare 4,800 meals? What is the labor spending variance? What is the labor rate variance and the labor efficiency variance? Note: For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.
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SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon with new potatoes and mixed vegetables. During the most recent week, the company prepared 5,600 of these meals using 2,700 direct labor-hours. The company paid its direct labor workers a total of $21,600 for this work, or $8.00 per hour. According to the standard cost card for this meal, it should require 0.50 direct labor-hours at a cost of $7.50 per hour. Required: 1. What is the standard labor-hours allowed (SH) to prepare 5,600 meals? 2. What is the standard labor cost allowed (SH × SR) to prepare 5,600 meals? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) X Answer is not complete. 1. Standard…
SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon with new potatoes and mixed vegetables. During the most recent week, the company prepared 5,600 of these meals using 2,700 direct labor-hours. The company paid its direct labor workers a total of $21,600 for this work, or $8.00 per hour. According to the standard cost card for this meal, it should require 0.50 direct labor-hours at a cost of $7.50 per hour. Required: 1. What is the standard labor-hours allowed (SH) to prepare 5.600 meals? 2. What is the standard labor cost allowed (SH SR) to prepare 5,600 meals? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) 1. Standard labor-hours allowed 2.…
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