Calculate labor rate variance and labor efficiency variance, Managerial Accounting

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Calculate labor rate variance and labor efficiency variance

Problem

At Marx, the standard quantity of labor is 23 hours per refrigeration unit. The standard wage rate is $35. In July, the company produced 80 refrigeration units and incurred 2,000 labor hours at a cost of $68,000.

Calculate the labor rate variance and the labor efficiency variance. Indicate whether the variances are favorable or unfavorable.

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Managerial Accounting: Calculate labor rate variance and labor efficiency variance

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Managerial Accounting: Calculate labor rate variance and labor efficiency variance

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