Homework Answers
Answer-52)-Tool Time’s total labor variance =$160 F.
53)-Tool Time’s labor price variance =$280 F.
54)-Tool Time’s labor quantity variance = $120 U.
Explanation-Total direct labor cost variance = Standard cost- actual cost
= (690 hours*$12 per hour)- $8120
= $8280-$8120
= $160 Favorable
Direct Labor price variance = (Standard rate – Actual rate) * Actual hours
= {$12 per hour – ($8120/700 hours)}* 700 hours
= ($12 per hour – $11.60 per hour)* 700 hours
= $280 Favorable
Direct Labor Quantity variance=(Standard hours-Actual hours)*Standard rate per hour
=(690 hours – 700 hours)*$12 per hour
= $120 Unfavorable
Where-Standard Hours = No. of hours per unit*Actual output
= 3 hours per unit *230 units
= 690 hours
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