Q 2. The standard time and standard rate of labour to produce Product Y are as follows:

Standard Time: 560 hours

Actual Time: 650 hours

Standard Price: AED 10 / hour

Actual Price: AED 12 / hour

Idle Time : 60 hours

Calculate:

a. Labour Cost Variance

b. Labour Rate Variance

c. Labour Efficiency Variance

d. Idle Time Variance

Note : Answer should be in word Version