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Labour Rate and Efficiency Variances Hockley Inc. produces plastic tubs. Each tub has a standard labour requirement of 0.03 hours. During the month of June,

Labour Rate and Efficiency Variances

Hockley Inc. produces plastic tubs. Each tub has a standard labour requirement of 0.03 hours. During the month of June, 40,000 tubs were produced using 1,250 labour hours at $12.20. The standard wage rate is $13.00 per hour.

Required:

Calculate the labour rate and efficiency variances using the columnar and formula approaches.

Labour rate variance

Labour efficiency variance

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