Fill in the missing figures below: Units produced 7,900 Standard hours per unit 5 hours Standard hours allowed (a) Standard rate per hour $12.00 Actual hours worked 39,900 Actual labor cost (b) Labor rate variance $5,985 favorable Labor efficiency variance (c)
(a) Standard hours allowed = units produced x standard hours per unit
Standard hours allowed = 7,900 x 5 = 39,500
(b) Labor rate variance = Actual payroll - (Actual hours worked x standard rate)
$5,985 F = Actual payroll - (39,900 x $12.00)
$5,985 F = Actual payroll - $478,800
Actual payroll = $472,815 (favorable variance is deducted from standard)
(c) Labor efficiency variance = (Actual hours - standard hours allowed) x Standard rate
Labor efficiency variance = (39,900 - 39,500 . x $12 = $4,800 U (actual in excess of standard)
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