The Following Direct Labor Data Pertain to the Operations of Hainey

question 44

Essay

The following direct labor data pertain to the operations of Hainey Manufacturing Company for the month of November:
Standard labor rate $10.00 per hr.
Actual hours incurred and used 4,500
The standard cost card shows that 2.5 hours are required to complete one unit of product. The actual labor rate incurred exceeded the standard rate by 10%. Two thousand units were manu-factured in November.
Instructions
(a) Calculate the price, quantity, and total labor variances.
(b) Journalize the entries to record the labor variances.

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Definitions:

Industry Affiliations

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Petr Kropotkin

was a Russian philosopher, scientist, and anarchist, known for his advocacy of communal anarchism and mutual aid.

Social Thinker

An individual, often a philosopher or sociologist, who develops ideas and theories about society, its structures, and dynamics.

Darwin's Theory

Refers to Charles Darwin's theory of evolution by natural selection, explaining the adaptation and survival of species over time.