The following standards have been set for each test performed: Standard Hours Standard Price or Quantity 3 pounds 0.4 hours or Rate S0.75 per pound S12 per hour Dircct materials Direct labor. During March, Your Company performed 2,000 tests. •840 actual direct labor-hours were worked at a cost of $8,610. The labor rate (P) variance for March is: Enter a favorable variance as a positive number; an unfavorable variance as a negative number. ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DESCRIPTIONS.
The following standards have been set for each test performed: Standard Hours Standard Price or Quantity 3 pounds 0.4 hours or Rate S0.75 per pound S12 per hour Dircct materials Direct labor. During March, Your Company performed 2,000 tests. •840 actual direct labor-hours were worked at a cost of $8,610. The labor rate (P) variance for March is: Enter a favorable variance as a positive number; an unfavorable variance as a negative number. ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DESCRIPTIONS.
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 9EB: Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured...
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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