Olds Enterprises recently used 24,000 labor hours to produce 8,700 completed units. According to manufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The company's actual payroll cost amounted to $456,000. The standard labor cost per hour is $19.20. Show all computations. For each variance, state F or U. a) Compute rate variance, efficiency variance, direct labor variance. b) Prepare the journal entry using standard costing.

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Olds Enterprises recently used 24,000 labor hours to produce 8,700 completed units. According to manufacturing specifications, each unit is anticipated to take 2.75 hours to complete. The company's actual payroll cost amounted to $456,000. The standard labor cost per hour is $19.20. Show all computations. For each variance, state F or U. a) Compute rate variance: efficiency variance, direct labor variance. b) Prepare the journal entry using standard costing