Compute the labor price and quantity variances

Assignment Help Accounting Basics

Reference no: EM131901988

Problem

Lewis Company's standard labor cost of producing one unit of Product DD is 3.1 hours at the rate of $12.5 per hour. During August, 42,000 hours of labor are incurred at a cost of $12.70 per hour to produce 13,400 units of Product DD.

(A) Compute the total Labor Variance

(B) Compute the labor Price and Quantity Variances

(C) Compute the labor rpice and quantity variances, assuming the standard is 3.3 hours of firect labor at $12.90 per hour.

Reference no: EM131901988

Questions Cloud

What is the firm value after the repurchase : If the firm executes a share repurchase, how many shares will be purchased at what price? How many shares will remain?

What does over-leveraged mean : What does over-leveraged mean? How does this put an organization at a disadvantage? What are the advantages of leveraging the assets of an organization?

How investment depends on the real interest rate : On an r vs. I diagram, sketch a curve showing how investment depends on the real interest rate, based on our "Investment function", In().

Describe what a stock market bubble is : Which type of index better reflects the changes in the economy's wealth, price weighted or valueweighted? Why?

Compute the labor price and quantity variances : Compute the labor Price and Quantity Variances. Compute the labor rpice and quantity variances, assuming the standard is 3.3 hours of firect labor.

How you can utilize your learning : Year 2015-2017 philippine articles regarding improvement of healthcare institution. How will it help you as a hospital administrator?

Explain why investment might depend on national income : Yet our theories of investment suggest that investment might also depend on national income: higher income might induce firms to invest more.

The difference between a swap broker and a swap dealer : Describe the difference between a swap broker and a swap dealer. What is the necessary condition for a fixed-for-floating interest rate swap to be possible?

Would a monetarist be more likely to favor fiscal policy : Could the monetarists have ended the Great Depression and brought the economy back to full employment?

User Account

All Pages