Silverstone Industries completes Job #307, which has a standard of 600 labor hours at a standard rate of $22.00 per hour. The job was completed in 650 hours, and the average actual labor rate was $23.50 per hour. Calculate the labor rate variance. (A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.)

Silverstone Industries completes Job #307, which has a standard of 600 labor hours at a standard rate of $22.00 per hour. The job was completed in 650 hours, and the average actual labor rate was $23.50 per hour. Calculate the labor rate variance. (A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.)

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...

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