Question
1) CK Venkat Chemicals releases the following data related to direct labor costs for February: Actual costs 7,700 hours at $13 Standard costs 7,000 hours
1) CK Venkat Chemicals releases the following data related to direct labor costs for February:
| Actual costs | 7,700 hours at $13 |
| Standard costs | 7,000 hours at $9 |
Calculate the direct labor time variance?
| a. | $9,100 favorable |
| b. | $9,100 unfavorable |
| c. | $6,300 unfavorable |
| d. | $6,300 favorable |
2) CK Venkat Chemicals releases the following data relate to direct labor costs for February:
| Actual costs | 7,700 hours at $13 |
| Standard costs | 7,000 hours at $9 |
Calculate the direct labor rate variance?
| a. | $28,000 favorable |
| b. | $28,000 unfavorable |
| c. | $30,800 favorable |
| d. | $30,800 unfavorable |
3) The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows:
| Standard Costs | ||
| Fixed overhead (based on 10,000 hours) | 3 hours @ $.80 per hour | |
| Variable overhead | 3 hours @ $2 per hour | |
| Actual Costs | ||
|
|
| |
| Total variable cost, $18,000 |
| |
| Total fixed cost, $8,000 |
| |
The amount of the factory overhead volume variance is:
| a. | $2,000 favorable |
| b. | $2,000 unfavorable |
| c. | $2,500 unfavorable |
| d. | $0 |
4) The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows:
| Standard Costs | ||
| Fixed overhead (based on 10,000 hours) | 3 hours @ $.80 per hour | |
| Variable overhead | 3 hours @ $2 per hour | |
| Actual Costs | ||
|
|
| |
| Total variable cost, $18,000 |
| |
| Total fixed cost, $8,000 |
| |
The amount of the total factory overhead cost variance is:
| a. | $2,000 favorable |
| b. | $5,000 unfavorable |
| c. | $2,500 unfavorable |
| d. | $0 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started