Solved: Compute the labor rate variance, Accounting Basics

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Compute the labor rate variance

Solve the below problem:

Q: Newbill Enterprises recently used 34,000 labor hours to produce 11,200 completed units. According to manufacturing specifications, each unit is anticipated to take 2.95 hours to complete. The company's actual payroll cost amounted to $673,200. If the standard labor cost per hour is $20.20, Newbill's labor rate variance is:

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Accounting Basics: Compute the labor rate variance

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Accounting Basics: Compute the labor rate variance

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