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Compute the labor spending variance

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Reference no: EM133031088

Question - The following information is available for Lightning Corporation, which produces screwdrivers.

The following information pertains to labor.

Actual volume of screwdrivers produced = 105,000

Actual labor time = 9,450 hours

Actual pay per hour = $17 per hour

Budgeted volume of screwdrivers produced = 112,000

Budgeted labor time = 12,320

Budgeted total spending = $197,120

Required -

Q1. Use the information above to compute the labor spending variance.

Q2. Use the information from the Lightning problem (above) to calculate the labor efficiency variance.

Q3. Use the information from the Lightning problem (above) to calculate the labor activity variance.

Q4. Related to your calculations for the Lightning problem, which of the following statements are true?

Reference no: EM133031088

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