Labor Rate and Efficiency Variances

Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.025 hour. During the month of April, 1,000,000 bottles were produced using 24,800 labor hours @ $14.00. The standard wage rate is $12.00 per hour.

Required:

Calculate the labor rate and efficiency variances using the columnar and formula approaches. Enter amounts as positive numbers and select Favorable or Unfavorable.

Tico Inc. produces plastic bottles. Each bottie has a standard labor requirement of 0.025 hour. During the month of April, 1,000,000 bottles were produced using 24,800 labor hours $14.00. The standard wage rate is $12.00 per hour: Required: Calculate the labor rate and effiency variances using the columnar and formuls approaches. Enter amounts as positive numbers and select favorable or Unfavorable. Labor rate variance Laber efficiency variance xx