Smith Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor)...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Smith Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 5 hours. The direct labor standard wage rate at the firm is $15.50 per hour. Last month, 4,980 direct labor hours were used to prepare 1,000 tax returns. Total wages were $87,150. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) www The actual (direct labor) wage rate per hour paid last month is Requirement 2. What is the direct labor rate variance? (Abbreviations used: DL = Direct labor) Begin by determining the formula for the rate variance, then compute the rate variance for direct labor. (Enter the variance as a positive number. Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) *( The Requirement 3. What is the direct labor efficiency variance? (Abbreviations used: DL= Direct labor) Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. (Enter the variance as a positive number. Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) x( direct labor rate variance might mean that Smith hired than the standard allows. This accounts for the = Requirement 4. How might the direct labor rate variance for the firm last month be causing the direct labor efficiency variance? DL rate variance As a result, the return preparers efficiency variance. ) = DL efficiency variance ) = hours Smith Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 5 hours. The direct labor standard wage rate at the firm is $15.50 per hour. Last month, 4,980 direct labor hours were used to prepare 1,000 tax returns. Total wages were $87,150. Read the requirements. Requirement 1. What is the actual (direct labor) wage rate per hour paid last month? (Round your answer to the nearest cent.) www The actual (direct labor) wage rate per hour paid last month is Requirement 2. What is the direct labor rate variance? (Abbreviations used: DL = Direct labor) Begin by determining the formula for the rate variance, then compute the rate variance for direct labor. (Enter the variance as a positive number. Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) *( The Requirement 3. What is the direct labor efficiency variance? (Abbreviations used: DL= Direct labor) Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. (Enter the variance as a positive number. Round interim calculations to the nearest cent and your variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U).) x( direct labor rate variance might mean that Smith hired than the standard allows. This accounts for the = Requirement 4. How might the direct labor rate variance for the firm last month be causing the direct labor efficiency variance? DL rate variance As a result, the return preparers efficiency variance. ) = DL efficiency variance ) = hours
Expert Answer:
Answer rating: 100% (QA)
1 Actual wage rate per hour Total actual wages Total actua... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Dalis Financial Services prepares tax returns for small businesses. Data on the companys total costs and output for the past six months appear in the table that follows. The results of regression...
-
Altieri Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 5 hours. The direct labor standard wage rate at the firm is $ 13.50...
-
Sarmento Tax Services prepares tax returns for senior citizens. The standard in terms of (direct labor) time spent on each return is 2.0 hours. The direct labor standard wage rate at the firm is $...
-
Find the probability | (p)| 2d3 p of the particular momentum p for the ground-state hydrogen atom. (This is a nice exercise in three-dimensional Fourier transforms. To perform the angular...
-
Inspection of records and documents relates to the auditors examination of entity accounting records and other information. One issue that affects the reliability of documentary evidence is whether...
-
1. Which projects would you recommend Handstar pursue based on the NPV approach? 2. Assume the founders weigh a projects NPV twice as much as both obtaining/retaining a leadership position and making...
-
Which of the following is an activity not usually associated with forensic accounting and fraud examination consulting and litigation support? 1. A. Assessing fraud risk associated with internal...
-
You are provided with the following information for Aylesworth Inc. for the month ended October 31, 2012. Aylesworth uses a periodic method for inventory. Instructions(a) Calculate (i) ending...
-
(d) What is the value of "j" after the execution of the partial code in Figure 4.2? Explain your answer. int j = 10; for (int i = 0; 0; i
-
James Sprater of Grand Junction, Colorado, has been shopping for a loan to buy a used car. He wants to borrow $18,000 for four or five years. James's credit union offers a declining-balance loan at...
-
You will need to conduct an interview with someone from a different culture and write a brief essay summarizing your interview experience for this assignment. Your essay will need to focus on...
-
We fi nd price by dividing _______. a) total revenue by output b) output by total revenue c) total cost by output d) output by total cost
-
The market demand for a good will decrease ______. a) as income decreases if the good is an inferior good b) if the market price of a substitute good increases c) as income decreases if the good is a...
-
Movie tickets and DVD rentals are ______ services. a) inferior b) complementary c) substitute d) highly inelastic
-
The marginal cost curve intersects the average variable cost curve at the ______. a) shut-down point b) break-even point c) maximum profi t point
-
Which statement is false? a) AFC plus AVC equals ATC. b) Marginal cost equals AVC at an output of one. c) AVC equals ATC at an output of one. d) None of the above.
-
Mark, the founder and CEO of Marks Famous Falafel, started the company as a partnership with a friend 3 years ago. At the time, Mark provided $75000 in cash and got 65% of the shares in the company....
-
Provide an example of an aggressive accounting practice. Why is this practice aggressive?
-
Cool Logos buys logo- imprinted merchandise and then sells it to university bookstores. Sales are expected to be $ 2,005,000 in September, $ 2,250,000 in October, $ 2,381,000 in November, and $...
-
Prepare a comparative common- size income statement for Mariner Designs. To an investor, how does 2014 compare with 2013? Explain yourreasoning. Mariner Designs Income Statement For the Years Ended...
-
Crystal Creations reports the following labor- related transactions at its plant in Akron, Ohio. Plant janitors...
-
Which of Yellows statements regarding the factors affecting the selection of a trading strategy is correct? A. Statement 1 B. Statement 2 C. Statement 3 Robert Harding is a portfolio manager at...
-
Given the parameters for the benchmark given by Harding, Yellow should recommend a benchmark that is based on the: A. arrival price. B. time-weighted average price. C. volume-weighted average price....
-
To fill the remaining portion of the ABC order, Yellow is using: A. an arrival price trading strategy. B. a TWAP participation strategy. C. a VWAP participation strategy. Robert Harding is a...
Study smarter with the SolutionInn App