The following labor standards have been established for a particular product: Standard labor hours per unit of output Standard labor rate The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output Required: a. What is the labor rate variance for the month? 6,700 hours $ 134,000 a. Labor rate variance b. Labor efficiency variance 4.1 hours $19.90 per hour 1,600 units b. What is the labor efficiency variance for the month? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

The following labor standards have been established for a particular product: Standard labor hours per unit of output Standard labor rate The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output Required: a. What is the labor rate variance for the month? 6,700 hours $ 134,000 a. Labor rate variance b. Labor efficiency variance 4.1 hours $19.90 per hour 1,600 units b. What is the labor efficiency variance for the month? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...

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