What are the labour rate variance and the labour efficiency variance, respectively?
a.$2,250 U and $4,000 U
b.$2,250 F and $4,000 F
c.$2,500 U and $3,750 U
d.$2,500 F and $3,750 F
72.Refer to Caballero Corporation. What are the total budget variances for materials and labour, respectively?
a.$1,500 U and $3,750 U
b.$1,500 F and $3,750 F
c.$7,800 U and $6,250 F
d.$7,800 F and $6,250 U
Soaring High Company produces model airplanes. During July, the company produced 1,000 planes. The actual labour hours were 10 hours per plane. The company’s standard labour hours are 15 hours per plane. The standard labour rate is $12 per hour. At the end of July, Soaring High found that it had a favourable labour rate variance of $7,500.
73.Refer to Soaring High Company. What was Soaring High’s actual cost per labour hour?
74.Refer to Soaring High Company. What was Soaring High’s total labour variance?
Aqua Company produces aquariums. During the year, 150,000 aquariums were produced. Materials and labour standards for producing the aquariums are as follows:
Direct materials (2 sheets of glass @ $2 per sheet)$ 4
Direct labour (3 hours @ $8 per hour)24
Aqua purchased and used 310,000 sheets of glass at $1.50 per sheet, and its actual labour hours were 435,000 hours at a wage rate of $8.50 per hour.
75.Refer to Aqua Company. What is the materials price variance?
76.Refer to Aqua Company. What is the materials usage variance?
77.Refer to Aqua Company. What is Aqua’s labour rate variance?
78.Refer to Aqua Company. What is Aqua’s total labour variance?
Perfect Builders constructs houses. The standard labour rate is $20 per hour, and the standard number of hours is 12,000 hours per home. During the year, it constructed 10 homes using 14,000 labour hours per home and a rate of $22 per hour.
79.Refer to Perfect Builders. What was Perfect Builders’s labour rate variance?
80.Refer to Perfect Builders. What was the labour efficiency variance?
During April, a small roofing company purchased 700 bundles of a certain type of shingle at a price of $35 per bundle, $8 more than the standard price. The company’s standard quantity of this type of shingles is 725 bundles.
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