general accounting per unit.A product requires 2.5 hours of labourThe standard labour rate is $6.00 per hour.Workers actually worked 2.4 hours per unit, andthe actual wage rate paid was $5.80 per hour. Atotal of 1,000 units were produced during theperiod.What is the labour price variance?

Step 1: Definition of Labour Price VarianceLabour Price Variance (also called Labour Rate Variance)…

Answered: per unit. A product requires 2.5 hours…

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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per unit. A product requires 2.5 hours of labour The standard labour rate is $6.00 per hour. Workers actually worked 2.4 hours per unit, and the actual wage rate paid was $5.80 per hour. A total of 1,000 units were produced during the period. What is the labour price variance?