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CRS Engineering Company uses a standard cost system. The following information pertains to 2017: Actual total direct labor costs $320,000 Total standard labor hours allowed
CRS Engineering Company uses a standard cost system. The following information pertains to 2017:
Actual total direct labor costs | $320,000 |
Total standard labor hours allowed | 24,000 hrs |
Actual labor rate | $8 per hour |
Standard labor rate | $9 per hour |
Calculate both the labor rate variance and the labor efficiency variance for the period. Dont forget to indicate whether the variances are favorable or Unfavorable.
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