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lakkis [162]
2 years ago
9

Hardigree Corporation makes a product that has the following direct labor standards: Standard direct labor-hours 0.3 hours per u

nit Standard direct labor rate $ 23.00 per hour In May the company's budgeted production was 8,900 units, but the actual production was 8,800 units. The company used 2,820 direct labor-hours to produce this output. The actual direct labor cost was $70,218. The labor efficiency variance for May is:
Business
1 answer:
djyliett [7]2 years ago
8 0

Answer:

4,140 U

Explanation:

According to the scenario, calculation of the given data are as follows,

Actual Hours = 2,820 hours

Standard rate = $23 per hour

Standard direct labor hour = 0.3 hours

We can calculate labor efficiency variance by using following formula,

Labor Efficiency Variance = Actual hours standard cost  - Standard cost

Where, Actual hours standard Cost  = Actual hours × Standard rate

= 2,820 × 23

= 64,860

Standard Cost (8,800 units) = Standard hours (8,800 units) × Standard rate

= (8,800 × 0.3) × 23

= 60,720

Hence, by putting the value in the formula, we get

Labor Efficiency Variance  = 64,860 - 60,720

= 4,140 U

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The adjusting entries for acknowledging the bad debts would be:

a). Bad Debts Expense                  $50 640

Allowance for Doubtful Accounts                     $50 640

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Allowance for Doubtful Accounts                     $48089.1

Bad debts:

  • Bad debts are described as debts that are unable to be recovered from their respective debtors.

The key reasons for this could be:

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The given amounts are obtained as follows:

a). Given that,

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Credit Sales = $3,376,000

Bad debts = 1.5% of $3,376,000

∵ Bad debts = 1.5/100 * $3,376,000

= $50 640

b). Given that,

Bad debts = 1 % of total sales.

Total Sales = Credit sale + Cash sale

= $3,376,000 + $1,432,910

= $4808910

Bad debts = 1% of 4808910

∵ Bad debts = 1/100 * $4808910

= $48089.1

Learn more about 'Journal entries' here:

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3 years ago
Q 4.13: salaries and wages expense should have been accrued on december 31st, but the entry was not made. the result of this ove
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The answer to the given situation is "the result of this oversight is that the liabilities are understated".
We can define understated as if someone say to you that your account is understated, it means that either the amount is incorrect or the amount is too small or it is less than the actual or true amount. In the given case the entry was not made due the understatement of liabilities.
6 0
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A manager states that her process is really working well. out of 1,500 parts, 1,477 were produced free of a particular defect an
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Six sigma is a philosophy and set of methods companies use to eliminate defects in their products and processes<span>. It also seeks to reduce variation in the processes that lead to product defects. It measures quality, process for Continuous Improvement and enabler for culture change so culturally six sigma means companies must learn how to be nearly flawless in executing key processes and achieving business imperatives. Quantitatively six sigma means the average process generates no more than 3.4 defects per million. Therefore, based on the figures given above the defects per million opportunities (DPMO) is 15, 333 and the defective rate us 1.533% and the passed rate is 98.467%.</span>

 

 

 

 





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You are planning on starting your own business in 18 months and you intend to purchase a new home. You have looked carefully at
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B. Your banker is not aware of your of your other long term financial goals
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Luebke Incorporated has provided the following data for the month of November. The balance in the Finished Goods inventory accou
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Answer: $‭238,800‬

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