Verity Enterprises completes Project #302 which has a standard of 700 labor hours at a standard rate of $22.00 per hour. The project was completed in 650 hours, and the average actual labor rate was $23.50 per hour. What is the labor rate variance? A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.

Verity Enterprises completes Project #302 which has a standard of 700 labor hours at a standard rate of $22.00 per hour. The project was completed in 650 hours, and the average actual labor rate was $23.50 per hour. What is the labor rate variance? A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 13PA: Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the...

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