Exercise 11-1 Edge edugen wileyplus.com/edugen/shared/assignment/test/qprint.uni

Question

Exercise 11-1 Edge edugen wileyplus.com/edugen/shared/assignment/test/qprint.uni Exercise 11-14 Vanderwaal Company uses a standard costing system. In August, 5,330 actual labor hours were worked at a rate of $12.30 per hour. The standard number of hours is 5,090 and the standard wage rate is $13.10 per hour Determine the Labor Rate and Variance Labor Efficiency Variance. Labor Rate Variance Labor Efficiency Variance $L Record the related journal entries to record labor cost. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record labor cost) Question Attempts: 0 of 5 used Copyright 2000-2015 by John Wiley & Sons, Inc. or related companies. All rights reserved. 8:36 PM O Ask me anything 11/26/2015

Explanation / Answer

Standard Hour 5090 Actual Hour 5330 Standard Rate 13.1 Actual Rate 12.3 Labor Rate Variance = (Standard Rate - Actual Rate) x Actual Hours = (13.10 - 12.30) x 5330 = 4264 Labor Effeciency Vairance= (Standard hours - Actual hours) x Standard Rate = (5090 - 5330) x 13.1 = (3144.00) Aug Inventory FG Dr 66679 Labor Effeciency variance Dr 3144       To Wage Payable Cr 65559       To Labor Rate Variance Cr 4264

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