Questions and Answers on Cost Accounting

By Anup Singhania - CPA | CFA L2 | 5K+ students | A++
$10
Questions and Answers on Cost Accounting image
Subjects:
Managerial Accounting, Management & Cost accounting
Level:
Bachelors/Undergraduate, Masters/Postgraduate
Types:
Homework
Language used:
English

Hoschild Bicycle Company manufacturers bicycles. The following data for September of the current year are available:

Quantity of direct labor used 850 hrs
Actual rate for direct labor $15.60 per hr
Bicycles completed in Sept 400
Standard direct labor per bicycle 2 hrs
Standard rate for direct labor $16.00 per hr

a. Determine the direct labor rate and time variances.
b. How much direct labor should be debited to Work in Process?

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