1 answer

Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company...continues

Question:


Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows:
Standard Standard Cost
Quantity per bag
Direct material 20 pounds $8.00
Direct labor 0.1 hours $1.10
Variable overhead 0.1 hours $0.40
The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct-labor hours. DuringJanuary, the company recorded the following activity:
• Production of Fastgro: 4,000 bags
• Direct materials purchased: 85,000 pounds at a cost of $32,300
• Direct-labor worked: 390 hours at a cost of $4,875
• Variable overhead incurred: $1,475
• Inventory of direct materials on January 31: 3,000 pounds
1. The labor efficiency variance for January is
A. $110 F.
B. $130 U.
C. $475 F.
D. $350 U.
**Please SHOW HOW to get this

Answers

Cole Laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows:

Standard Standard Cost
Quantity per bag
Direct material 20 pounds $8.00
Direct labor 0.1 hours $1.10
Variable overhead 0.1 hours $0.40

The company had no beginning inventories of any kind on January 1. Variable overhead is applied to production on the basis of standard direct-laborhours. During January, the company recorded the following activity:

• Production of Fastgro: 4,000 bags
• Direct materials purchased: 85,000 pounds at a cost of $32,300
• Direct-labor worked: 390 hours at a cost of $4,875
• Variable overhead incurred: $1,475
• Inventory of direct materials on January 31: 3,000 pounds

1. The labor efficiency variance for January is

answer :

A.

$110 F.

SR = $1.10 0.1 = $11.00

SH = 4,000 x 0.1 = 400

Direct labor efficiency variance = SR (AH - SH) = $11.00 (390 - 400) = $110 F

.

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