1. Annapolis Company completes job #601 which has a standard of 500 labor hours at a standard rate of $19.50 per hour.The job was completed in 650 hours and the average actual labor rate was $18.30 per hour.What is the labor rate variance?A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.
2. Annapolis Company completes job #601 which has a standard of 520 labor hours at a standard rate of $18.70 per hour.The job was completed in 640 hours and the average actual labor rate was $18.60 per hour.What is the labor efficiency (quantity) variance?A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.