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Performance reporting and flexible budgeting - For the stamping department of a manufacturing firm, the standard cost for direct labor is $12 per hour, and the production standard calls for 1,000 stampings per hour. During June, 168 hours were required for actual production of 148,000 stampings. Actual direct labor cost for the stamping department for June was $2.184.

Required:

a) Complete the following performance report for June:

Fixed Budget Actual Budget Variance
Direct labor

b) Analyze the budget variance by calculating the direct labor efficiency and rate variances for June.

c) What alternatives to the preceding monthly report could improve control over the stamping departments direct labor?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M962051

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