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:
Life Policy
A life policy is an insurance agreement that pays out a sum of money either upon the death of the insured person or after a set period.
Premiums Payable
The amount due for payment on an insurance policy.
Deductible
The amount a policyholder must pay out of pocket before an insurance company will cover the remaining costs of a claim.
Medical Bills
The costs charged for services rendered by healthcare professionals or facilities.
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