Labor Variances

Rueda Company produces wheels for bicycles. During the year, $660,000$ wheels were produced. The actual labor used was $355,000$ hours at $$9\mathrm{.}60$ per hour. Rueda has the following labor standards: $0\mathrm{.}47$ hour at $$10\mathrm{.}10.$

Required: Please enter all values as a positive amount.

$1.$ Compute the labor rate variance.

fill in the blank $1$ of $1$$

Favorable

$2.$ Compute the labor efficiency variance.

fill in the blank $1$ of $1$$

Unfavorable