What is the labor rate variance

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Question 1 - Annapolis Company completes job #601 which has a standard of 600 labor hours at a standard rate of $18.20 per hour. The job was completed in 510 hours and the average actual labor rate was $19.70 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

Question 2 - Annapolis Company completes job #601 which has a standard of 650 labor hours at a standard rate of $18.00 per hour. The job was completed in 640 hours and the average actual labor rate was $19.30 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: EM132709718

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