QUESTION 11

1. The following information is available for Lightning Corporation, which produces fancy-dancy screwdrivers.

   The following information pertains to labor.

   ...Actual volume of screwdrivers produced = 105,000

   ...Actual labor time = 9,450 hours

   ...Actual pay per hour = $17 per hour

   ...Budgeted volume of screwdrivers produced = 112,000

   ...Budgeted labor time = 12,320

   ...Budgeted total spending = $197,120

   Question

   Use the information above to compute the labor spending variance.

   Please enter the absolute value of your answer (i.e., do not enter a positive sign or negative sign). Also, round to the nearest dollar. Do not include a $ sign.

QUESTION 12

1. Use the information from the Lightning problem (above) to calculate the labor efficiency variance.

   Please enter the absolute value of your answer (i.e., do not enter a positive sign or negative sign). Also, round to the nearest dollar, and do not include a $ sign.

3 points

QUESTION 13

1. Use the information from the Lightning problem (above) to calculate the labor activity variance.

   Please enter the absolute value of your answer (i.e., do not enter a positive sign or negative sign). Also, round to the nearest dollar, and do not include a $ sign.

QUESTION 14

1. Related to your calculations for the Lightning problem, which of the following statements are true? (Check all that apply.)

   		The labor spending variance is favorable.
   		The labor efficiency variance is favorable.
   		The labor activity variance is favorable.

QUESTION 15

1. Please provide your supporting work for your answer to the Lightning Corporation questions here.