The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00 per hour and standard costs The direct labor rate variance is Oa. $1.500 unfavorable Ob. $1.650 unfavorable Oc. $1.650 favorable Od. $1.500 favorable

The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00 per hour and standard costs The direct labor rate variance is Oa. $1.500 unfavorable Ob. $1.650 unfavorable Oc. $1.650 favorable Od. $1.500 favorable

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Description: The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00 per hour and standard costsThe direct labor rate variance isOa. $1.500 unfavorableOb. $1.650 unfavorableOc. $1.650 favorableOd. $1.500 favorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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The following data relate to direct labor costs for August: actual costs for 5,500 hours at $24.00 per hour and standard costs
The direct labor rate variance is
Oa. $1.500 unfavorable
Ob. $1.650 unfavorable
Oc. $1.650 favorable
Od. $1.500 favorable

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