53) LVN Corporation's direct labor costs and related information for the month of June were as follows: Actual total direct labor-hours Standard total direct labor-hours Total direct labor cost Unfavorable direct labor rate (rate) variance 1450 A) $13,325 unfavorable C) $7059 favorable 800 $16,400 $650 What is LVN Corporation's direct labor efficiency variance? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) B) $7059 unfavorable D) $13,325 favorable 53)
53) LVN Corporation's direct labor costs and related information for the month of June were as follows: Actual total direct labor-hours Standard total direct labor-hours Total direct labor cost Unfavorable direct labor rate (rate) variance 1450 A) $13,325 unfavorable C) $7059 favorable 800 $16,400 $650 What is LVN Corporation's direct labor efficiency variance? (Round any intermediary calculations to the nearest cent and your final answer to the nearest dollar.) B) $7059 unfavorable D) $13,325 favorable 53)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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