Answer a:
Rate Variance | $ 556.00 | Favorable |
Time Variance | $ 572.00 | Unfavorable |
Total Direct labor cost variance | $ 16.00 | Unfavorable |
Calculations:
Standard rate | $ 14.30 |
Standard hours | 2,740.00 |
Actual rate | $ 14.10 |
Actual hours | 2,780.00 |
Labor rate Variance = (Standard rate-Actual rate)*Actual hours | |
Labor rate Variance = (14.3-14.1)*2,780 | |
Labor rate Variance = 556 (F) |
Labor time Variance = (Standard hours-Actual hours)*Standard rate | |
Labor time Variance = (2740-2780)*14.3 | |
Labor time Variance = -572 or 572 (U) |
Labor Cost Variance = Labor rate Variance+Labor hour Variance | |
Labor Cost Variance = 556.000000000003+-572 | |
Labor Cost Variance = -16 or 16 (U) |
Answer b
1. Favorable
2. Less
3. More
In case of any doubt, please comment.
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