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PSYCHO15rus [73]
3 years ago
8

A job was budgeted to require 3 hours of labor per unit at $8.00 per hour. the job consisted of 8,000 units and was completed in

22,000 hours at a total labor cost of $198,000. what is the total labor cost variance?
Business
2 answers:
Minchanka [31]3 years ago
6 0

Answer:

$6000 unfavorable.

Explanation:

Given information:

Time = 3 hours

Cost of labor = $8.00

Number of units = 8,000

Total actual labor cost = $198,000.

Standard labor cost = 8,000 × 3 × $8.00 = $192,000

Total labor cost variance = Standard labor cost  - Actual labor cost

Total labor cost variance = $192,000  - $198,000

Total labor cost variance = -$6,000

Here negative sign represents the unfavorable amount.

The total labor cost variance is $6000 unfavorable.

kiruha [24]3 years ago
5 0
The total labor cost of variance is the difference of the two presented costs. The actual cost of production is presented below,
                       actual cost of production = $198,000
The other cost can be calculated through the equation,
                     cost of production = (3 hours/labor u)(($8/unit)(8,000) = $192,000
Thus, the total labor cost variance is approximately $6,000. 
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Answer:

Piercing the Corporate Veil:

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Since Country Contractors, Inc and the Westside Storage are based in Indiana, the decision to pierce the corporate veil should be based on the eight factors that are applicable for piercing the veil:  They include: undercapitalization;  absence of corporate records;  fraudulent representation by corporation shareholders or directors;  use of the corporation to promote fraud, injustice or illegal activities;  payment by the corporation of individual obligations;  commingling of assets and affairs;  failure to observe required corporate formalities; or  other shareholder acts or conduct ignoring, controlling, or manipulating the corporate form.

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The corporate veil is an important instrument for protecting shareholders of corporations from being held liable for the liabilities of the corporation in their individual and personal capacities.  Corporate veil ensures that the entity is treated as a separate entity from its shareholders.  It is a protection offered by law to encourage private enterprise and ensure that the debts of corporate bodies are not tagged to the individual shareholders.  It is this veil that ensures the limited liability concept, whereby, the shareholders could only lose their capital contributions in case of business failure or dissolution.

Piercing the corporate veil is a court decision to lift the veil that separates the shareholders of corporation from their shareholders.  There are special factors that must be met for courts to pierce the corporate veil and they do it reluctantly.

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