Whyte inc uses a standard cost system labor standards are, Ask an Expert

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Whyte Inc. uses a standard cost system. Labor standards are 2.0 hours per widget at $8.50 per hour. During August, Whyte Inc. paid its workers $141,460 for 16,400 hours. Whyte Inc. produced 8,600 widgets during August.

a.Calculate the direct labor rate variance. (Do not round your intermediate calculations. Input the amount as positive value. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)
Rate variance $ (Click to select) NoneUnfavorableFavorable

b.Calculate the direct labor efficiency variance. (Input the amount as positive value. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)
Efficiency variance $ (Click to select) None or Unfavorable or Favorable

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9957067

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