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What is the direct labor efficiency variance

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Question - An entity recently set-up its standard costs for its direct labor. The entity sets the benchmark at 2 direct labor hours per product at a standard rate of P100 per direct labor hour. During the year, the entity manufactured 10 products using 30 direct labor hours at total direct Labor costs of P2,400.

Required -

1. What is the direct labor rate variance?

2. What is the direct labor efficiency variance?

Reference no: EM132532001

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