161 Miller has the following information pertaining to its usage of direct labor in a recent...
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161 Miller has the following information pertaining to its usage of direct labor in a recent period: Total direct labor hours used Total units manufactured Actual wage rate per hour Standard cost data: Wage rate per hour Standard hours per unit of output 22,000 7.200 $15 $14 3 Required: Given the above, determine the company's: 1. Direct labor efficiency variance for the period. 2. Direct labor rate variance for the period. 3. Summary journal entry to record accrued labor costs and associated standard cost variances for the period. 161 Miller has the following information pertaining to its usage of direct labor in a recent period: Total direct labor hours used Total units manufactured Actual wage rate per hour Standard cost data: Wage rate per hour Standard hours per unit of output 22,000 7.200 $15 $14 3 Required: Given the above, determine the company's: 1. Direct labor efficiency variance for the period. 2. Direct labor rate variance for the period. 3. Summary journal entry to record accrued labor costs and associated standard cost variances for the period.
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Labor Rate Variance can be calculated as Standard labor hour Price actual labor hour Price Actual ho... View the full answer
Related Book For
Cost Accounting A Managerial Emphasis
ISBN: 978-0133392883
6th Canadian edition
Authors: Horngren, Srikant Datar, George Foster, Madhav Rajan, Christ
Posted Date:
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