Answered: Orca Tools completed Job #12 using 620…

Orca Tools completed Job #12 using 620 hours at an average actual rate of $21.80. The standard rate was $22.50 for 600 hours. What is the labor rate variance?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 10EA: ThingOne Company has the following information available for the past year. They use machine hours...

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Please explain the solution to this general accounting problem with accurate explanations.

Orca Tools completed Job #12 using 620 hours at an average actual
rate of $21.80. The standard rate was $22.50 for 600 hours.
What is the labor rate variance?

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