Sheffield Company's standard labor cost per unit of output is $22.00 (2.00 hours x $11 per hour). During August, the company incurs 2,340 hours of direct labor at an hourly cost of $9.90 per hour in making 1,300 units of finished product. Compute the total, price, and quantity labor variances. (Round answers to 2 decimal places, e.g. 52.75.) Total labor variance Labor price variance $ $ Labor quantity variance S

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Sheffield Company's standard labor cost per unit of output is $22.00 (2.00 hours x $11 per hour). During August, the company incurs
2,340 hours of direct labor at an hourly cost of $9.90 per hour in making 1,300 units of finished product.
Compute the total, price, and quantity labor variances. (Round answers to 2 decimal places, e.g. 52.75.)
Total labor variance
Labor price variance
$
$
Labor quantity variance $
Transcribed Image Text:Sheffield Company's standard labor cost per unit of output is $22.00 (2.00 hours x $11 per hour). During August, the company incurs 2,340 hours of direct labor at an hourly cost of $9.90 per hour in making 1,300 units of finished product. Compute the total, price, and quantity labor variances. (Round answers to 2 decimal places, e.g. 52.75.) Total labor variance Labor price variance $ $ Labor quantity variance $
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