If the standard to produce a given amount of product is 600 direct labor hours

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Which of the following formula is used to calculate direct labor rate variance?
How is the direct labor rate variance calculated quizlet?
Which of the following formulas represents the direct labor time variance quizlet?
What will be the difference between actual cost and standard cost?

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The following data are given for Stringer Company:
Budgeted production 26,000 units
Actual production 27,500 units

Materials: Standard price per ounce $6.50
Standard ounces per completed unit 8
Actual ounces purchased and used in production 228,000
Actual price paid for materials $1,504,800

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

Overhead:
Actual and budgeted fixed overhead $1,029,600
Standard variable overhead rate. $24.50 per standard labor hour
Actual variable overhead costs $4,520,000

Overhead is applied on standard labor hours. (Round interim calculations to the nearest cent.)

The direct materials quantity variance is

Which of the following formula is used to calculate direct labor rate variance?

Answer and Explanation: The correct answer is option d. Actual costs - (Actual hours x Standard rate). Direct Labor Rate Variance is the difference between Actual cost and Standard cost for Actual hours.

How is the direct labor rate variance calculated quizlet?

The Labor Rate Variance is the difference between the actual and the expected cost of labor multiplied by the actual amount of hours worked.

Which of the following formulas represents the direct labor time variance quizlet?

Direct Labor Time Variance = (Actual Direct Labor Hours - Standard Direct Labor Hours) × Standard Rate per Hour = [12,560 − (2.5 × 4,900)] × $16.00 = $4,960 Unfavorable.

What will be the difference between actual cost and standard cost?

The difference between actual cost and standard cost is called variance. A variance is unfavorable if actual cost is higher than standard cost. If actual cost is lower, the variance is favorable.