Correct answer please Tools-N-Time has a standard of 2 hours of labor per unit, at$12 per hour. In producing 2,000 units, Tools-N-Time used3,850 hours of labor at a total cost of $46,970. What is Tools-N-Time's total labor variance?a. $770 Fb. $800 Ub. $1,030 Ud. $1,930 U

Step 1: Definition of Total Labor VarianceTotal labor variance is the difference between the actual…

Answered: Tools-N-Time has a standard of 2 hours…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...

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Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
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Tools-N-Time has a standard of 2 hours of labor per unit, at $12 per hour. In producing 2,000 units, Tools-N-Time used 3,850 hours of labor at a total cost of $46,970. What is Tools- N-Time's total labor variance? a. $770 F b. $800 U b. $1,030 U d. $1,930 U