Question: The formula to compute direct labor time variance is _ _ _ _ _ . Group of answer choices Actual costs Standard costs Actual costs

The formula to compute direct labor time variance is _____.
Group of answer choices
Actual costs Standard costs
Actual costs + Standard costs
(Actual hours Standard rate) Standard costs
Actual costs (Actual hours Standard rate)

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!

Q:

QUESTION 2 The formula to compute direct labor time variance is: a. actual direct labor costs - standard direct labor costs. O b.(actual direct labor hours - standard direct labor hours allowed for...

Q:

The formula to compute direct labor time variance is to calculate the difference between a. actual costs - standard costs. b. actual costs + standard costs. c. (actual hours * standard rate) -...

Q:

direct labor time variance The standard costs and actual costs for direct labor in the manufacture of 2,500 units of product are as follows: Direct labor 7,500 hours@$11.80 Direct labor 7,400 hours @...

Q:

on the firs t shot the yellow items have professor conments to the right.....my 3 answers are wrong and need to recalc using pricing from either screen shot 3 or 4 then page 2 a through d have...

Q:

Queen Industries uses a standard costing system in the manufacturing of its single product. It requires 2 hours of labor to produce 1 unit of final product. In February Queen Industrien produced...

Q:

The formula to the compute direct labor time variance is to calculate the difference between Actual costs- Standard costs Actual costs- (Actual hours Standard rate) (Actual hours Standard rate)-...

Q:

The formula to compute direct materials price variance is a. Actual cost - Standard costs b. (Actual quantity * Standard price) - Standard costs c. Actual cost + Standard costs d. Actual costs -...

Q:

Gauging the Favorableness of Variances When variances occur, they are described as being either favorable or unfavorable. When actual activity consumes more time or money than initially planned, an...

Q:

Ferguson Inc. has provided the following budgeted data for the current month: Budgeted production units 2,500 units Standard material per unit 1.8 square yards Standard price per square yards $5.60...

Q:

using a minus sign and an unfavorable variance as a positive number. Do not round hours. Round your answers to two decimal places. The change in the caused the labor rate variances. This change have...

Q:

Michelle owns all the shares of Lockett Corporation, which operates as an S corporation. Her basis in the stock is $41,000. What are the tax consequences for Michelle and Lockett Corporation if a....

Q:

A client met with a financial consultant to figure out how much she will need to save in order to secure her retirement. There are several scenarios that the financial planner will consider. a) In...

Q:

When property, plant, and equipment assets are acquired and the company issues its own shares in payment, the cost of the asset is based on either the fair value of the shares given up or the fair...

Q:

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...