The following information is gathered from the labor records of Binamul & Co. Payroll allocation for direct labor is Rs. 1, 31, 600 Time card analysis shows that 9,400 hours were worked on productions lines. Production reports for the period showed that 4,500 units have been completed, each having standard labor time of 2 hours and a standard labor rate of Rs. 15 per hour. Calculate the labor variances.
The following information is gathered from the labor records of Binamul & Co. Payroll allocation for direct labor is Rs. 1, 31, 600 Time card analysis shows that 9,400 hours were worked on productions lines. Production reports for the period showed that 4,500 units have been completed, each having standard labor time of 2 hours and a standard labor rate of Rs. 15 per hour. Calculate the labor variances.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is gathered from the labor records of Binamul & Co. Payroll allocation for direct labor is Rs. 1, 31, 600 Time card analysis shows that 9,400 hours were worked on productions lines. Production reports for the period showed that 4,500 units have been completed, each having standard labor time of 2 hours and a standard labor rate of Rs. 15 per hour. Calculate the labor variances.
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