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What is the labor rate variance

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Question 1 - Annapolis Company completes job #601 which has a standard of 550 labor hours at a standard rate of $18.30 per hour. The job was completed in 650 hours and the average actual labor rate was $18.70 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

Question 2 - Annapolis Company completes job #601 which has a standard of 560 labor hours at a standard rate of $19.90 per hour. The job was completed in 650 hours and the average actual labor rate was $19.20 per hour. What is the labor efficiency (quantity) variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

Reference no: EM132587333

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