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What is the labor efficiency variance

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Question: 1. Annapolis Company completes job #601 which has a standard of 570 labor hours at a standard rate of $19.10 per hour. The job was completed in 530 hours and the average actual labor rate was $19.20 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

2. Annapolis Company completes job #601 which has a standard of 520 labor hours at a standard rate of $19.60 per hour. The job was completed in 620 hours and the average actual labor rate was $19.20 per hour. What is the labor efficiency (quantity) variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

Reference no: EM132736328

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