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Monterey Company completes Job # 405 which has a standard of 800 labor hours at a standard rate of $22.75 per hour. The job was completed in 750 hours and the average actual labor rate was $22.00 per hour. What is the labor rate variance? A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.

Monterey Company completes Job # 405 which has a standard of 800 labor hours at a standard rate of $22.75 per hour. The job was completed in 750 hours and the average actual labor rate was $22.00 per hour. What is the labor rate variance? A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter23: Evaluating Variances From Standard Costs
Section: Chapter Questions
Problem 9DQ: At the end of the period, the factory overhead account has a credit balance of 10,000. (a) Is the...
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Monterey Company completes Job # 405 which has a standard of 800 labor hours at a standard rate of $22.75 per hour. The job was completed in 750 hours and the average actual labor rate was $22.00 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:Monterey Company completes Job # 405 which has a standard of 800 labor hours at a standard rate of $22.75 per hour. The job was completed in 750 hours and the average actual labor rate was $22.00 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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