Actual hours used 5,500; Standard hours allowed 5,800; Actual labor rate $14.75 per hour; and Standard labor rate $14.00 per hour. The labor rate variance is
Question
Solution 1
The labor rate variance can be calculated using the formula:
Labor Rate Variance = (Actual Labor Rate - Standard Labor Rate) * Actual Hours Used
Substituting the given values into the formula:
Labor Rate Variance = ($14.75 - $14.00) * 5,500
Labor Rate Variance = $0.75 * 5,500
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