Exercise 10-5 (Algo) Working Backwards from Labor Variances [LO10-2] Quality Motor Company established the standard labor cost for a motor tune-up shown below: Motor tune-up Standard. Hours 2.50 Standard Rate $ 25.00 1. Actual labor hours 2. Actual hourly rate The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls 50 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: $ 150 F $ 200 U Standard Cost $ 62.50 Labor rate variance Labor spending variance 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. Note: Round your answer to 2 decimal places. hours per hour

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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.