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What is the labor rate variance

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Question - Terry Company completes job #601 which has a standard of 640 labor hours at a standard rate of $18.70 per hour. The job was completed in 600 hours and the average actual labor rate was $19.20 per hour. What is the labor rate variance? A negative number indicates a favorable variance and a positive number indicates an unfavorable variance.

Reference no: EM132251644

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