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A cpa firm estimates that an audit will require the

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Reference no: EM13480057

A CPA firm estimates that an audit will require the following work:

Type of Auditor               Expected Hours           Cost per Hour                  Standard Costs

    Manager                           10                            $50                                 $  500

    Senior                              20                             40                                     800

    Staff                                 40                             30                                  1,200

    Totals                               70                                                                 $2,500

The actual hours and costs were:

Type of Auditor                 Actual Hours         Actual Cost per Hour               Actual Costs

     Manager                            9                            $52                                $   468

     Senior                              22                             38                                     836

     Staff                                 44                             30                                  1,320

     Totals                               75                                                                 $2,624

Required:

Calculate the direct labor, wage rate, and labor efficiency variances for each type of auditor and interpret.

Reference no: EM13480057

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