Question: Show work & all computations Olds Enterprises recently used 24,000 labor hours to produce 8,700 completed units. According to manufacturing specifications, each unit is anticipated

Show work & all computations

Olds Enterprises recently used 24,000 labor hours to produce 8,700 completed units. According to manufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The company's actual payroll cost amounted to $456,000. The standard labor cost per hour is $19.20. Show all computations. For each variance, state F or U. a) Compute rate variance, efficiency variance, direct labor variance b) Prepare the journal entry using standard costing

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Suppose that a researcher conducts an independent samples experiment comparing three treatments. Participants serve in the experiment either online or by visiting the researchers lab. Scores for this...

5) The following data relate to product no. $9 of Mansion Corporation Direct material standard: 3 square feet at $2.50 per square foot Direct material purchased: 30,000 square feet at $2.60 per...

All the answers are given. Just provide VERY SPECIFIC steps and work in order to recieve each answer. -Dana, Inc. recently completed 56,000 units of a product that was expected to consume four pounds...

Storkin Enterprises recently used 24,000 labor hours to produce 8,600 completed units. According to manufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The...

Newbill Enterprises recently used 31,000 labor hours to produce 9,800 completed units. According to manufacturing specifications, each unit is anticipated to take 3.05 hours to complete. The...

Problem 5-(10) Marlene Doll Co. has budgeted sales of its dolls over the 3rd quarter as follows: Sales in Units July Aug Sept 30,000 45,000 60,000 End of month inventories are budgeted at 10% of next...

Question 17 (4 points) Cabal Products is a division of a major corporation. Last year the division had total sales of $10,040,000, net operating income of $582,320, and average operating assets of...

Question 19 (4 points) Ebsen Corporation keeps careful track of the time required to fill orders. Data concerning a particular order appear below: Wait time........ Process time ..... Inspection time...

Newbill Enterprises recently used 24,000 labor hours to produce 8,600 completed units. According to manufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The...

21. Newhart Enterprises recently used 24,000 labor hours to produce 8,600 completed units. According to manufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The...

2:15 8 of 14 7.5 8 The second test (26%) will last 1 hours and will consist of two equally weighted Operational Research problems to be solved. There are three possible questions that could be asked:...

Evaluate the following in terms of Gamma function [Hint: Evaluate the func- tion in terms of Beta function then convert it to Gamma using the appropriate formula] 1 1 (1 3 dx - -

Which of the following is true of the federal minimum wage? Question 26 options: Apprentices cannot be paid less than minimum wages. Managerial employees are not subject to minimum wage requirements....

Once capital markets are integrated, it is difficult for a country to maintain a fixed exchange rate. Explain why this may be so.

Discuss the criteria for a "good" international monetary system.

In an integrated world financial market, a financial crisis in a country can be quickly transmitted to other countries, causing a global crisis. What kind of measures would you propose to prevent the...

There are arguments for and against the alternative exchange rate regimes. a. List the advantages of the flexible exchange rate regime. b. Criticize the flexible exchange rate regime from the...

Explain the arrangements and workings of the European Monetary System (EMS).

1. Buying groceries at the supermarket. 2. Selling a house 3. Getting married out of community of property. 4. Starting a new cellphone contract. 5. Arranging monthly instalments to pay for the car...

15. Now rank from 1 to 5 the areas that you think are most important to emphasize when communicating with others (1 is least important and 5 is most important to you). If you think it all depends on...

12. The form of creative action strategy, where would you say you have a strength, as a dreamer, as a realist or as a critic?

16. Now put the areas you have ranked in order of priority and reflect on which values they correspond to in your value hierarchy.