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Calculate labor rate variance and labor efficiency variance. Item Amount Budgeted hours 1,000 hours Actual hours 1,200 hours Standard rate $100/hour Actual costs $140,000 Requirements:
Calculate labor rate variance and labor efficiency variance.
Item | Amount |
Budgeted hours | 1,000 hours |
Actual hours | 1,200 hours |
Standard rate | $100/hour |
Actual costs | $140,000 |
- Requirements:
- Calculate the labor rate variance.
- Calculate the labor efficiency variance.
- Analyze the variances and recommend actions for improvement.
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Financial Accounting
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
2nd Edition
0078110823, 9780078110825
