What is tools N time's total labor variance on this general accounting question? Tools-N-Time has a standard of 2 hours of labor per unit, at $12per hour. In producing 2,000 units, Tools-N-Time used 3,850hours of labor at a total cost of $46,970. What is Tools-N-Time'stotal labor variance?a. $770 Fb. $800 Ub. $1,030 Ud. $1,930 U

Step 1: In this problem, we will calculate the total labor variance. Step 2: Before we begin, let us…

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 8EB: Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450...

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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