Compute labor rate variance for the year for duo company

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Reference no: EM13877062

Flexible Budgets and Direct Labor Variances Duo Co. has the following processing standards for its clerical employees:

Number of hours per 1,000 papers processed

150

Normal number of papers processed per year

1,500,000

Wage rate per 1,000 papers

$1,200

Total standard variable cost (including labor) of processing 1,500,000 papers

$2,700,000

Fixed costs per year

$150,000

The following information pertains to the 1,200,000 papers processed during the year:

Total cost

$1,995,000

Labor cost

$1,710,000

Labor hours

190,000

Required: Prepare an Excel spreadsheet that can be used to compute for Duo Co. the following:

1. Expected total cost for the year to process 1,200,000 papers, assuming standard performance.

2. Labor rate variance for the year.

3. Labor efficiency variance for the year.

Reference no: EM13877062

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