Homework Answers
| 1. Labor cost variance = Standard labor cost - (Actual labor cost + Idle labor cost) | |||||||||
| Labor cost variance = (500 hrs *20 AED) - [(550 hrs*18 AED)+ (50 hrs *20 AED)] = 900 (A) | |||||||||
| 2. Labor rate variance = Actual time (Standard rate - Actual rate ) | |||||||||
| Labor rate variance = 550 hrs (20 AED - 18 AED) = 1100 (F) | |||||||||
| 3. Labor efficiency variance = Standard rate (Standard time - Actual time) | |||||||||
| Labor efficiency variance = 20 AED (500 - 550) = 1000 (A) | |||||||||
| 4. Labor idle time variance = Idle time x standard rate | |||||||||
| Labor idle time variance = 50 hrs * 20 AED = 1000 (A) | |||||||||
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