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Labor Variances Verde Company produces wheels for bicycles. During the year, 656,000 wheels were produced. The actual labor used was 368,000 hours at $9.80 per

Labor Variances

Verde Company produces wheels for bicycles. During the year, 656,000 wheels were produced. The actual labor used was 368,000 hours at $9.80 per hour. Verde has the following labor standard: 0.51 hour at $10.40.

Required:

1. Compute the labor rate variance. $ SelectFavorableUnfavorableItem 2

2. Compute the labor efficiency variance. $ SelectFavorableUnfavorableItem 4

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