Tool Time has a standard of 2 labour hours per unit, at $18 per hour. To produce

Fantastic news! We've Found the answer you've been seeking!

Question:

Tool Time has a standard of 2 labour hours per unit, at $18 per hour. To produce 2,000 units, Tool Time used 3,850 labour hours at a total cost of $70,455.

what is Tool Time's labour price variance??

Related Book For answer-question

Managerial Accounting

ISBN: 9781260247787

17th Edition

Authors: Ray Garrison, Eric Noreen, Peter Brewer

See More Books

Posted Date: May 09, 2023 05:08 AM

See More Questions

1. The standard direct labor cost for producing one unit of product is 5 direct labor hours at a standard rate of pay of $16. Last month, 15,000 units were produced and 73,500 direct labor hours were...
Consider the plane P : 2(2 - 1) + y - 3(2 + 1) = 0. (a) Find parametric equations for the line that is perpendicular to P and passes through the point A(5, -2,0). (b) Find an equation for the plane...
Alpha Mann Ltd makes and sells computer carry bags. Bill Blake, the company accountant, is responsible for preparing the company's annual budget. In compiling the budget data for next year, Blake has...
Explain the nature of stress at work Describe the health consequences of stressful work Explain how to use hardiness theory to reduce stress List three ways to use Banduras self-efficacy theory to...
A typical gamma ray emitted from a nucleus during radioactive decay may have an energy of 300keV. What is its wavelength? Would we expect significant diffraction of this type of light when it passes...
The "best" control that can be exercised over card use by the customer is: a. High customer penalties if careless use leads to a fraud using the card b. Education of the customer as to the importance...
Partner A contracted with a vendor to buy a computer for the partnership. Partner A did not discuss the transac- tion with Partner B or get Partner B's approval. Partner B refused to approve payment...
Connie Chung Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $54,000 and a retail price of $100,000. The following...
Please research and briefly explain what did Irving Fisher mean when he famously said that the (real) rate of interest was determined by the interaction between the patience of the nation's...
The Fashion Rack has a monthly accounting period. All transactions are recorded in a general journal. Postings are made from the general journal to the accounts receivable ledger, accounts payable...
ent < Question 4 of 6 This quiz: 27 point(s) possible This question: 6 point(s) possible Submit quiz The average price of a 42-in. television on an electronics store's website is $840. Assume the...
A project produces annual net income of $68,200, $17,800 and $10,900, 18,000 for the last two years over its five-year life, respectively. The initial cost is $100,000, which is depreciated...
Marketers need to be aware of the consequences of unethical decisions by an MRP. True False
Dragonite Ltd. had accounting income of $156,000 in 2018. Within this accounting income figure is the CEO's life insurance expense of $5,000, which is not deductible for tax purposes. In addition,...
Corrigan Enterprises is studying the acquisition of two electrical component insertion systems for producing its sole product, the universal gismo. Data relevant to the systems follow. Model no....
The accountants at French Perfumery decided to increase the price of a scent called Breezy by 11 %, from $ 6.84 per bottle to $ 7.59 . French's accountants expect the 11 % price increase to reduce...
Q13. A stock's historical standard deviation is 15% annualized, computed over the last 60 days. E4711 Prof. Dastidar How would the price of a call option of this stock expiring after the next 90 days...
Which should drive action planning more, strengths or weaknesses? That is, is it more important to build on your strengths or to reduce your weaknesses? Explain.
What are the four types of costs summarized in a quality cost report? How do companies generally seek to lower their cost of quality?
Larned Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account. b. $71,000 in raw materials were used in production. Of...
Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below:
Estimate the ending inventory by the gross profit method, given the following data: beginning inventory, $\$ 40,000$; net purchases, $\$ 100,000$; net sales, $\$ 112,000$; average gross profit...
Use your operating systems built-in capability to encrypt a file. Store the enciy'pted file in a folder that can be shared with other users on that computer. Then create a new user account. Assign it...
Why do companies using LIFO in a perpetual inventory system often restate their ending inventory at the per-unit costs that result from applying periodic LIFO costing procedures?

Tool Time has a standard of 2 labour hours per unit, at $18 per hour. To produce

Question:

Expert Answer:

First we need to calculate the actual cost of labor per hou... View the full answer

Managerial Accounting

Students also viewed these finance questions