Question

Budgeted production 26,000 units Actual production 27,500 units Labor:   Standard hourly labor rate $22 per hour...

Budgeted production

26,000 units

Actual production

27,500 units

Labor:

  Standard hourly labor rate

$22 per hour

  Standard hours allowed per completed unit

6.6

  Actual labor hours worked

183,000

  Actual total labor costs

$4,020,000

What is the labor price variance?

5,490 unfavorable

5,490 favorable

33,000 favorable

33,000 unfavorable
Business   Accounting   
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Homework Answers

Answer #1
BUDGETED (26000 UNIT) STANDARD (27500 UNITS) ACTUAL (27500 UNITS)
HOURS RATE AMOUNT HOURS RATE AMOUNT HOURS RATE AMOUNT
171600 22 3775200 181500 22 3993000 183000 21.96721 4020000
(26000*6.6) (27500*6.6)
Labour price variance = (Standard Hours - Actual Hours)* Standard rate
(181500 - 183000)*22
33000 Unfavourable

If the option is- None of the above then that must be selected.

Above answer is for Labour Efficiency variance. Since no option is matching, I have to find out Labour Efficiency rate in place of Labour Price Variance.

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