Lewis Company's standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $12.10 per hour. During August, 44,000 hours of labor are incurred at a cost of $12.30 per hour to produce 13,500 units of Product DD. (a) Compute the total labor variance. Total labor variance 2$ Unfavorable (b) Compute the labor price and quantity variances. Labor price variance $ Unfavorable Labor quantity variance 2$ Unfavorable (c) Compute the labor price and quantity variances, assuming the standard is 3.40 hours of direct labor at $12.45 per hour. Labor price variance 2$ Favorable Labor quantity variance $ Favorable
Lewis Company's standard labor cost of producing one unit of Product DD is 3.20 hours at the rate of $12.10 per hour. During August, 44,000 hours of labor are incurred at a cost of $12.30 per hour to produce 13,500 units of Product DD. (a) Compute the total labor variance. Total labor variance 2$ Unfavorable (b) Compute the labor price and quantity variances. Labor price variance $ Unfavorable Labor quantity variance 2$ Unfavorable (c) Compute the labor price and quantity variances, assuming the standard is 3.40 hours of direct labor at $12.45 per hour. Labor price variance 2$ Favorable Labor quantity variance $ Favorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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