The following labor standards have been established for a particular product: standard labor-hours per unit of output 8.6 hours standard labor rate $ 15.50 per hour the following data pertain to operations concerning the product for the last month: actual hours worked 8,500 hours actual total labor cost $ 129,200 actual output 840 unitswhat is the labor rate variance for the month? f or uwhat is the labor efficiency varaiance for the month? f or u

Instructions are listed below.

Explanation:

Giving the following information:

Standard labor-hours per unit of output 8.6 hours Standard labor rate $ 15.50 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 8,500 hours Actual total labor cost $ 129,200 Actual output 840 units

Actual rate= 129,200/8,500= 15.2

Direct labor price variance= (SR - AR)*AQ

Direct labor price variance= (15.5 - 15.2)*8,500= $2,550 favorable

Direct labor efficiency variance= (SQ - AQ)*standard rate

Direct labor efficiency variance= (7,224 - 8,500)*15.5= $19,778 unfavorable

the earnings of a typical investor is around $1,000,000 to $10,000,000

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