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Annapolis Company completes job #601 which has a standard of 550 labor hours at a standard...

Annapolis Company completes job #601 which has a standard of 550 labor hours at a standard rate of $19.00 per hour. The job was completed in 620 hours and the average actual labor rate was $19.40 per hour. What is the labor efficiency (quantity) variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

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Answer #1
Standard Actual
Quantity/Hrs Rate Amount Quantity/Hrs Rate Amount
Labour 550 19 10450 620 19.4 12028
Labour Efficiency Variance = (Standard Hrs. - Actual Hrs) Standard Rate
                                                        1,330 Unfavorable
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