Exercise 25-10 Actual Standard Job Number Hours Costs Hours Costs Total Variance
ID: 2531998 • Letter: E
Question
Exercise 25-10
Actual
Standard
Job Number
Hours
Costs
Hours
Costs
Total Variance
Exercise 25-10
During March 2017, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data.Actual
Standard
Job Number
Hours
Costs
Hours
Costs
Total Variance
A257 221 $4,420 225 $4,500 $80 F A258 450 9,450 430 8,600 850 U A259 300 6,180 300 6,000 180 U A260 116 2,088 110 2,200 112 F Total variance $838 UAnalysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent. Exercise 25-10 During March 2017, Toby Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual ob Number Hours Costs Hours Costs Total Variance A257 A258 A259 A260 Total variance 221 $4,420 225 $4,500 450 300 116 2,088 110 2,200 $80 F 850 U 180 U 112 F $838 U 9,450 6,180 430 8,600 300 6,000 Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was one day by a new trainee when a regular worker was absent. Prepare a report for the plant supervisor on direct labor cost variances for March. (Round quantity varance, actual rate, standard rate and price variance to 2 decimal places, e.g. 10.so.) TOBY TOOL & DIE COMPANY Direct Labor Variance Report Actual Hours Standard Hours Quantity Variance Actual Rate Standard Rate Price Variance Job No. A257 A258 A259 A260 Totals
Explanation / Answer
Actual Standard Job Hours Costs Per Hour Hours Costs Per Hour A257 221 4420 20 225 4500 20 A258 450 9450 21 430 8600 20 A259 300 6180 20.6 300 6000 20 A260 116 2088 18 110 2200 20 (AH-SH)*Standard Rate (Acutal Rate-Standard Rate)*Actual Hour Actual Hours Standard Hours Quantity Variance Actual Rate Standard Rate Price Variance A257 221 225 -80 F 20 20 0 None A258 450 430 400 U 21 20 450 U A259 300 300 0 None 20.6 20 180 U A260 116 110 120 U 18 20 -232 F
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