Bubba Gump's Meals prepares meals for daytime fishing excursion boats operating in the Gulf of...
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Accounting
Bubba Gump's Meals prepares meals for daytime fishing excursion boats operating in the Gulf of Mexico. One of Bubba Gump's most popular meals consists of boiled shrimp with fried potatoes and okra. Last week, Bubba's prepared 4,000 of these meals using 750 direct labor-hours. Bubba paid direct labor workers a total of $6,000 for this work, or $8.00 per hour.
The standard cost system at Bubba's indicates that the standard cost for this meal is based on 0.20 direct labor-hours at a cost of $7.00 per hour.
Required:
1. What is the standard labor-hours allowed (SH) to prepare 4,000 meals?
2. What is the standard labor cost allowed (SH SR) to prepare 4,000 meals?
3. What is the labor spending variance?
4. What is the labor rate variance and the labor efficiency variance?
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