Labor Variances Verde Company produces wheels for bicycles. During the year, 658,000 wheels were produced. The...
Labor Variances
Verde Company produces wheels for bicycles. During the year, 658,000 wheels were produced. The actual labor used was 355,000 hours at $9.50 per hour. Verde has the following labor standards: 1) $10.40 per hour; 2) 0.49 hour per wheel.
Required:
1. Compute the labor rate variance.
$_______ Favorable
2. Compute the labor efficiency variance.
$_______ Unfavorable
Homework Answers
| 1 | |||
| Labor rate variance | 319500 | Favorable | =355000*(9.5-10.4) |
| 2 | |||
| Labor efficiency variance | 338832 | Unfavorable | =10.4*(355000-658000*0.49) |
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Labor Variances
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