The following labor standards have been established for a particular product:- **Standard labor hours per unit of output:** 4.3 hours- **Standard labor rate:** $20.00 per hourThe following data pertain to operations concerning the product for the last month:- **Actual hours worked:** 6,900 hours- **Actual total labor cost:** $139,380- **Actual output:** 1,500 units**Required:**a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month?*Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e. zero variance). Input all amounts as positive values.*| a. Labor rate variance | | ||------------------------------|-------|-------|| b. Labor efficiency variance | | |

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Description: The following labor standards have been established for a particular product:- **Standard labor hours per unit of output:** 4.3 hours- **Standard labor rate:** $20.00 per hourThe following data pertain to operations concerning the product for the la

Variances are the differences between the actual values and budgeted values. If the budgeted values…

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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 4.3 hours $ 20.18 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 6,900 hours $ 139,380 1,500 units Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (e, sem variance). Input all amounts as positive values. a. Labor rate variance b. Labor efficiency variance

The following labor standards have been established for a particular product Standard labor hours per unit of output Standard labor rate 4.3 hours $ 20.18 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 6,900 hours $ 139,380 1,500 units Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (e, sem variance). Input all amounts as positive values. a. Labor rate variance b. Labor efficiency variance

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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