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How to compute the labor rate and efficiency variances

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Labor Variance Analysis.

During the month, 1,200 units of Topo were produced. Actual direct labor required was 650 direct labor hours at an actual total cost of $ 6,370. According to the standard cost card for Topo, half an hours of labor should be required per unit of Topo produced, at a standard cost of $ 10 per labor hour.

Required:

Question 1: Compute the labor rate and efficiency variances, indicating whether the variances are favorable or unfavorable.

Reference no: EM132561621

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