## (solution) Radical Company produces versascopes. It has a standard wage rate

1. Radical Company produces versascopes. It has a standard wage rate of \$9.50 per hour. It has determined that the standard time to assemble one versascope is 2.75 hours. During August, the company?s employees assembled 600 versascopes, and they were paid \$15,974 for 1,630 hours of work. What is Radical?s labor efficiency variance?

 \$489 favorable \$299 favorable \$271 favorable \$190 favorable

QUESTION 12
1. Standard Tires? labor standard for the production of one bicycle tire is 4.5 hours at \$8.50 per hour. During October, the company?s employees produced 140,000 tires, using 610,000 hours at a total cost of \$5,328,400. How much is Standard Tire?s labor efficiency variance?

 \$143,400 unfavorable \$26,600 favorable \$170,000 favorable \$313,400 favorable

QUESTION 13
1. Barnes Company produces men?s ties. The following budgeted amounts were provided by management for the current year:

 Category Standard Inputs Standard Cost Direct materials 1.1 yards per tie \$4.00 per yard Direct labor 0.32 hours per tie \$9.00 per hour

Barnes produced and sold 4,000 ties during 2014. Actual performance for the year is:
 Direct Materials Direct Labor
 Yards used in production 4,100 Labor hours incurred 1,240 Yards purchased 3,900 Actual cost per hour \$9.25 Actual cost per yard \$3.75

How much is the labor rate variance?
 \$310 unfavorable \$360 favorable \$50 favorable \$1,000 unfavorable

QUESTION 14
1. Barnes Company produces men?s ties. The following budgeted amounts were provided by management for the current year:

 Category Standard Inputs Standard Cost Direct materials 1.1 yards per tie \$4.00 per yard Direct labor 0.32 hours per tie \$9.00 per hour

Barnes produced and sold 4,000 ties during 2014. Actual performance for the year is:
 Direct Materials Direct Labor
 Yards used in production 4,100 Labor hours incurred 1,240 Yards purchased 3,900 Actual cost per hour \$9.25 Actual cost per yard \$3.75

How much is the labor efficiency variance?
 \$310 unfavorable \$360 favorable \$50 favorable \$1,000 unfavorable

QUESTION 15
1. Capital Leather Company produces leather footballs. The standard cost for each football is:

Direct material2 feet of leather at \$4.00 per foot
Direct labor1.5 hours at \$12.00 per hour

During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at \$4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was \$20,930 for 1,820 hours. How much is the direct material price variance?

 \$650 favorable \$650 unfavorable \$575 favorable \$575 unfavorable

QUESTION 16
1. Capital Leather Company produces leather footballs. The standard cost for each football is:

Direct material2 feet of leather at \$4.00 per foot
Direct labor1.5 hours at \$12.00 per hour

During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at \$4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was \$20,930 for 1,820 hours. How much is the direct material quantity variance?

 \$100 unfavorable \$400 favorable \$800 favorable \$800 unfavorable

QUESTION 17
1. Capital Leather Company produces leather footballs. The standard cost for each football is:

Direct material2 feet of leather at \$4.00 per foot
Direct labor1.5 hours at \$12.00 per hour

During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at \$4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was \$20,930 for 1,820 hours. How much is the direct labor rate variance?

 \$900 favorable \$900 unfavorable \$910 favorable \$910 unfavorable

QUESTION 18
1. Capital Leather Company produces leather footballs. The standard cost for each football is:

Direct material2 feet of leather at \$4.00 per foot
Direct labor1.5 hours at \$12.00 per hour

During February, 1,200 footballs were produced and 2,600 feet of leather were purchased at \$4.25 per foot. Production usage was 2,300 feet. Direct labor cost incurred was \$20,930 for 1,820 hours. How much is the direct labor efficiency variance?

 \$20 unfavorable \$240 unfavorable \$360 unfavorable \$360 favorable

QUESTION 19
1. Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system:

Actual Data   Budgeted and Standard Data
 Produced 12,400 units Materials purchased 4,650 lbs. for a total cost of \$32,550 Materials used 4,700 lbs. Labor worked 7,460 hrs. costing \$79,822 Actual overhead Fixed: \$84,800 Variable \$36,100

 Budgeted units 12,500 units Budgeted materials 0.40 lb. @ \$7.10 per lb. Budgeted labor 36 minutes @ \$11.00 per hour Budgeted variable overhead \$35,625 Budgeted fixed overhead \$85,500

How much is the standard cost of each lawn mower gear?
 \$25.59 \$19.13 \$9.44 \$19.28

QUESTION 20
1. Standard Gears produces lawn mower gears. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system:

Actual Data   Budgeted and Standard Data
 Produced 12,400 units Materials purchased 4,650 lbs. for a total cost of \$32,550 Materials used 4,700 lbs. Labor worked 7,460 hrs. costing \$79,822 Actual overhead Fixed: \$84,800 Variable \$36,100

 Budgeted units 12,500 units Budgeted materials 0.40 lb. @ \$7.10 per lb. Budgeted labor 36 minutes @ \$11.00 per hour Budgeted variable overhead \$35,625 Budgeted fixed overhead \$85,500

How much is the direct material price variance?
 \$465 favorable \$1,846 favorable \$470 favorable \$2,201 favorable

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Sep 13, 2020

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