Unific Manufacturing Inc. is a biscuit manufacturer and produces different types of biscuits. With the management of the company determined to identify different labor variances, it has prepared the following data: Particulars Amount The standard time for producing Chocolate biscuits 8,000 hours Standard Wage Rate $3 per hour Number of workers employed 50 Number of working days 25 Hours worked per day by each worker 8 hours Total wage bill footed $50,000 Using the information mentioned above, you are required to calculate: Labor rate variance and Labor efficiency variance The labor rate and labor efficiency variances will be:

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Unific Manufacturing Inc. is a biscuit manufacturer and produces different types of biscuits. With the management of the company determined to identify different labor variances, it has prepared the following data: Particulars Amount The standard time for producing Chocolate biscuits 8,000 hours Standard Wage Rate $3 per hour Number of workers employed 50 Number of working days 25 Hours worked per day by each worker 8 hours Total wage bill footed $50,000 Using the information mentioned above, you are required to calculate: Labor rate variance and Labor efficiency variance The labor rate and labor efficiency variances will be:
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