Alpesh Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for amotor tune-up is given below:Motor tune-upStandardHours2.50StandardRate$ 27.00StandardCost$ 67.50The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recallsthat 52 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups:Labor rate variance$ 150 FLabor spending variance$ 174 URequired:1. Determine the number of actual labor-hours spent on tune-ups during the week.2. Determine the actual hourly pay rate for tune-ups last week. (Round your answer to 2 decimal places.)1. Actual labor hourshours2. Actual hourly rateper hour

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Answered: Quality Motor Company is an auto repair…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $ 38.00 $ 95.00 The record showing the time spent in the shop last week on motor tune - ups has been misplaced. However, the shop supervisor recalls that 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 450 F Labor spending variance $ 500 U Required: Determine the number of actual labor - hours spent on tune-ups during the week. Determine the actual hourly pay rate for tune -ups last week. Note: Round your answer to 2 decimal places.
Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $ 33.00 $ 82.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 80 F Labor spending variance $ 118 U Required: Determine the number of actual labor-hours spent on tune-ups during the week. Determine the actual hourly pay rate for tune-ups last week
Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Standard Cost Rate Motor tune-up 2.5 $25.00 $62.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 50 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: $ 150 F $ 200 U Labor rate variance Labor spending variance Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours 133 hours 2. Actual hourly rate $ 23.87 per hour
Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $ 32.00 $ 80.00 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 52 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 300 F Labor spending variance $ 340 U Required: 1. Determine the number of actual labor - hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. (Round your answer to 2 decimal places.)
Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: Motor tune-up Standard Hours 2.50 Standard Rate Standard Cost $ 29.00 $ 72.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 54 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 120 F Labor spending variance $ 170 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. Note: Round your answer to 2 decimal places. 1. Actual labor hours 2. Actual hourly rate hours per hour
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Standard Standard Standard Job Hours Rate Cost Motor tune- 1.90 $6.60 $12.54 up The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 200 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune- ups: Labor rate variance $658 F Labor spending variance $ 64 F Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. Actual labor hours hours 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) Actual hourly rate per hour
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Standard Hours Standard Rate Standard Cost Motor tune-up 2.50 $31.00 $77.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 56 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance $ 146 F Labor spending variance $ 102 U Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.)
The auto repalr shop of Quality Motor Company uses standards to control the labor time and labor cost In the shop. The standard labor cost for a motor tune-up Is given below: Standard Standard Rate Standard Cost Hours 2.50 $ 34.00 $ 85.00 Motor tune-up The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 54 tune-ups were completed during the week, and the controller recalls the following varlance data relating to tune-ups: $ 350 F $ 500 u Labor rate variance Labor spending variance Requlred: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2 Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours hours 2. Actual hourly rate per hour
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Standard Standard Rate Standard Cost Hours Motor tune-up 2.50 $29.00 $72.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 54 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: $ 120 F $ 170 U Labor rate variance Labor spending variance Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours : hours 2. Actual hourly rate per hour
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Motor tune-up Standard Hours 2.50 Standard Rate $33.00 Standard Cost $82.50 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance Labor spending variance Required: $ 80 F $ 118 U 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1. Actual labor hours hours 2. Actual hourly rate per hour
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost inthe shop. The standard labor cost for a motor tune-up is given below:Standard Standard StandardJob Hours Rate CostMotor tune-up .................... 2.5 $9.00 $22.50The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However,the shop supervisor recalls that 50 tune-ups were completed during the week, and the controller recalls thefollowing variance data relating to tune-ups:Labor rate variance .............. $87 FTotal labor variance .............. $93 URequired:1. Determine the number of actual labor-hours spent on tune-ups during the week.2. Determine the actual hourly rate of pay for tune-ups last week.(Hint: A useful way to proceed would be to work from known to unknown data either by using the varianceformulas or by using the columnar format shown in Exhibit 9–6.)
Kima Company manufactures and sells two models of a home appliance. The Standard model is a basic appliance with mostly manual features, while the Galaxy model is highly automated. The appliances are produced to order, and there are no inventories at the end of the year. The cost accounting system at Kima allocates overhead to products based on direct labor cost. Overhead in year 1, which just ended, was $2,957,500. Other data for year 1 for the two products follow. Sales revenue Direct materials Direct labor Standard Model (20,000 units) $6,130,000 2,530,000 1,730,000 Galaxy Model (3,000 units) $2,830,000 430,000 545,000 Required: a. Compute product line profits/loss for the Standard model and the Galaxy model for year 1. b. A study of overhead shows that without the Standard model, overhead would fall to $2,315,000. Assume all other revenues and costs would remain the same for the Galaxy model in year 2. Compute product line profits/loss for the Galaxy model in year 2 assuming the…

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