Use the following cost information to calculate the direct labor rate and efficiency variances and indicate whether they are favorable or unfavorable.
Definitions:
Asset Turnover Ratios
Financial metrics that measure the efficiency of a company in using its assets to generate sales or revenue.
Inventory Turnover Ratio
The inventory turnover ratio is a measure of how often a company sells and replaces its stock of goods within a certain period, indicating the efficiency of inventory management.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor.
Average Inventory
An accounting metric that estimates the value or the number of a particular good that a company has in stock over a specific period.
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