Standard and Actual Costs for Direct Labor for the Manufacture

question 92

Essay

Standard and actual costs for direct labor for the manufacture of 300 units of product were as follows:
Actual costs 125 hours @ $54.00
Standard costs 131 hours @ $53.00
Determine the direct labor a time variance, b rate variance, and c total cost variance.

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Definitions:

Actions

In the context of software or applications, actions refer to operations or functions that can be performed, such as saving a file, clicking a button, or editing text.

Access

A popular Microsoft database management system that aids in data storage, analysis, and report generation, often used in desktop applications.

Tasks

Activities or operations assigned or needed to be completed, often used in project management and software applications.

If Statement

A conditional statement in programming that performs different actions based on whether a specified condition is true or false.