The following labor variance analysis was performed for Longman. Requirements 1. Record Longmans direct labor journal entries.

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The following labor variance analysis was performed for Longman.

Actual Rate Standard Rate Standard Rate Actual Hours Standard Hours Allowed Actual Hours $13 x 1,700 = $22,100 $13 x 1,2

Requirements
1. Record Longman€™s direct labor journal entries.
2. Explain what management will do with this varianceinformation.

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Financial and Managerial Accounting

ISBN: 978-0132497978

3rd Edition

Authors: Horngren, Harrison, Oliver

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Question Posted: Dec 16, 2011 03:42 AM

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The following labor variance analysis was performed for Longman. Requirements 1. Record Longmans direct labor journal entries.

Question:

Actual Rate Standard Rate Standard Rate Actual Hours Standard Hours Allowed Actual Hours $13 x 1,700 = $22,100 $13 x 1,250 = $16,250 $11 x 1,700 $ 18,700 Price Variance $3,400 F Efficiency Variance $5,850 U

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