What is the direct labor time variance, Cost Accounting

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What is the direct labor time variance

Response to the following problem:

The following data relate to direct labor costs for the current period:

Standard costs -----7,500 hours at $11.50

Actual costs--------6,000 hours at $12.00

1. What is the direct labor time variance?

2. What is the direct labor rate variance?

Please show explanation with answer. Please explain what makes this favorable or not favorable.

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Cost Accounting: What is the direct labor time variance

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