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Annapolis Company completes job #601 which has a standard of 520 labor hours at a standard rate of $18.70 per hour. The job was completed in 630 hours and the average actual labor rate was $18.80 per hour. What is the labor rate variance? (A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.)

Annapolis Company completes job #601 which has a standard of 520 labor hours at a standard rate of $18.70 per hour. The job was completed in 630 hours and the average actual labor rate was $18.80 per hour. What is the labor rate variance? (A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.)

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter8: Standard Costs And Variances
Section: Chapter Questions
Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...
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Annapolis Company completes job #601 which has a standard of 520 labor hours at a standard rate of $18.70 per hour. The job was completed in 630 hours and the average actual labor rate was $18.80 per hour. What is the labor rate variance? (A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.)
Transcribed Image Text:Annapolis Company completes job #601 which has a standard of 520 labor hours at a standard rate of $18.70 per hour. The job was completed in 630 hours and the average actual labor rate was $18.80 per hour. What is the labor rate variance? (A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.)
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