A manufacturing company is expected to complete a task in 45 minutes. During a recent accounting period, 3,200 completed units were produced, resulting in the following labor variances: Labor rate variance: $520 favorableLabor efficiency variance: $2,800 unfavorableThe standard labor rate is $14 per hour.Required: Calculate (1) the standard hours allowed for the work performed, (2) the actual hours worked, and (3) the actual wage rate.
What will be an ideal response?
1. Standard hours allowed: 2,400
2. Actual hours worked: 2,600
3. Actual wage rate: $13.80
You might also like to view...
What is the meaning of "short sell"?
a. Buy shares from a brokerage firm and enter into a forward transaction to sell the shares at today's price on a future date. b. Sell the shares at today's price to an investor and enter into an option agreement to buy the shares back in near future. c. Buy shares from one brokerage firm and sell the shares to another brokerage firm with a view to make quick money. d. Borrow shares from a brokerage and sell the shares at today's price with the intention to repay the borrowed stock they sold at some future time when the stock is trading for a lower price.
The product cost concept includes all manufacturing costs in the cost amount to which the markup is added to determine product price
Indicate whether the statement is true or false
There is only one type of summary
Indicate whether the statement is true or false
If Nordstrom sales associates are there to greet you as soon as you walk through the door, to assist you personally in finding the merchandise you are looking for, and to inform you about the store's events and services, the company is striving to compete on
A. quality. B. service. C. promotion. D. price. E. distribution.