At Happy Air, the standard quantity of labor is 22 hours per
refrigeration unit. The standard wage rate is $35. In July, the
company produced 77 refrigeration units and incurred 2,100 labor
hours at a cost of $71,400.
Calculate the labor rate variance and the labor efficiency
variance. Indicate whether the variances are favorable or
unfavorable. (Round intermediate calculations to 2
decimal places, e.g. 14.37 and final answers to 0 decimal places,
e.g. 125. Enter all variances as a positive
number.)
Homework Answers
Answer
- Labor Rate Variance = $ 2100 Favourable
|
Labor Rate Variance |
||||||
|
( |
Standard Rate |
- |
Actual Rate |
) |
x |
Actual Labor Hours |
|
( |
$ 35.00 |
- |
$ 34.00 |
) |
x |
2100 |
|
2100 |
||||||
|
Variance |
$ 2,100.00 |
Favourable-F |
||||
- Labor Efficiency Variance = $ 14210 Unfavourable
|
Labour Efficiency Variance |
||||||
|
( |
Standard Hours |
- |
Actual Hours |
) |
x |
Standard Rate |
|
( |
1694 |
- |
2100 |
) |
x |
$ 35.00 |
|
-14210 |
||||||
|
Variance |
$ 14,210.00 |
Unfavourable-U |
||||
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