Boldrin Incorporated has a standard cost system. The standards for direct labor for one of its products specify 0.20 hours per unit at $18.70 per hour. The company has reported the following actual results for the product for August:
Required:
a. Compute the labor rate variance for August.
b. Compute the labor efficiency variance for August.
Definitions:
Series Components
Electrical components connected in a circuit in such a manner that there is only one path for current flow, causing the current through each component to be the same.
Parallel Components
Elements in an electrical circuit are said to be in parallel if they are connected across the same two points in the circuit, allowing electric current to split and flow through multiple paths.
Current Flow
The flow of electric charge carriers like electrons, through a conductor or electrical circuit.
Applied Voltage
The voltage that is supplied or exerted across a component or circuit.
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