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Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month?

Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following labor standards have been established for a particular product Standard labor hours per unit of output Standard labor rate The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 7,600 hours $ 135,280 a. Labor rate variance Labor efficiency variance 1,800 units Required: a. What is the labor rate varlance for the month? b. What is the labor efficiency variance for the month? 4.0 hours $17.70 per hour (Indicate the effect of each varlance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.)
Transcribed Image Text:The following labor standards have been established for a particular product Standard labor hours per unit of output Standard labor rate The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 7,600 hours $ 135,280 a. Labor rate variance Labor efficiency variance 1,800 units Required: a. What is the labor rate varlance for the month? b. What is the labor efficiency variance for the month? 4.0 hours $17.70 per hour (Indicate the effect of each varlance by selecting "F" for favorable. "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.)
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