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Annapolis Company completes job #601 which has a standard of 600 labor hours at a standard...

Annapolis Company completes job #601 which has a standard of 600 labor hours at a standard rate of $18.70 per hour. The job was completed in 640 hours and the average actual labor rate was $18.20 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

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Answer #1

Labor rate Variance : Actual Hour *(Actual rate - standard Rate)

=640 hrs *(18.20-18.70)

=-320 favorable variance

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