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Exercise 10-5 (Algo) Working Backwards from Labor Variances [LO10-2] 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 Labor rate variance Labor spending variance Standard Rate $29.00 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls hat 54 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: 1. Actual labor hours 2. Actual hourly rate $ 120 F $ 170 U Standard Cost $ 72.50 Required: 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.) hours per hour

Exercise 10-5 (Algo) Working Backwards from Labor Variances [LO10-2] 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 Labor rate variance Labor spending variance Standard Rate $29.00 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls hat 54 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: 1. Actual labor hours 2. Actual hourly rate $ 120 F $ 170 U Standard Cost $ 72.50 Required: 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.) hours per hour

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead
Section: Chapter Questions
Problem 6E: Computing materials variances D-List Calendar Co. specializes in manufacturing calendars that depict...
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Exercise 10-5 (Algo) Working Backwards from Labor Variances [LO10-2] 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 Labor rate variance Labor spending variance 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: 1. Actual labor hours 2. Actual hourly rate Standard Rate $ 29.00 $ 120 F $ 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. (Round your answer to 2 decimal places.) hours Standard Cost $ 72.50 per hour ▬▬▬
Transcribed Image Text:Exercise 10-5 (Algo) Working Backwards from Labor Variances [LO10-2] 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 Labor rate variance Labor spending variance 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: 1. Actual labor hours 2. Actual hourly rate Standard Rate $ 29.00 $ 120 F $ 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. (Round your answer to 2 decimal places.) hours Standard Cost $ 72.50 per hour ▬▬▬
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