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QS 2 1 - 1 1 ( Algo ) Direct labor rate and efficiency variances LO P 3 A company reports the following information for

QS 21-11(Algo) Direct labor rate and efficiency variances LO P3
A company reports the following information for its direct labor.
Actual hours of direct labor used
Actual rate of direct labor per hour
Standard rate of direct labor per hour
Standard hours of direct labor for units produced
70,000
$14
$13
71,200
AH= Actual Hours
SH= Standard Hours
AR= Actual Rate
SR= Standard Rate
Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable.
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