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What are the two variances between the actual cost and the standard cost for direct labor?
The two variances between the actual cost and the standard cost for direct labor are the labor rate variance and the labor efficiency variance. The labor rate variance measures the difference between the actual hourly wage paid and the standard wage expected, multiplied by the actual hours worked. The labor efficiency variance assesses the difference between the actual hours worked and the standard hours allowed for the actual production, valued at the standard hourly rate. These variances help businesses analyze their labor costs and operational efficiency.
What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
Will the direct labor price variance always be unfavorable if more hours are worked than the standard hours allowed for the actual output attained?
No, Direct labor price variance is created due to difference in standard labor rate and actual labor rate for example standard labor rate per unit is 10 and actual labor rate is 11 then 1 per unit is unfavourable direct labor price variance.
What does a debit balance in the labor efficiency variance account indicate?
a debit balance in the labor efficiency variance account indicates that actual rate and actual hours exceed standard rates and standard hours
How do you calculate yields variances material and labor cost.?
To calculate yield variances for material and labor costs, first determine the standard costs and actual costs incurred. For material yield variance, subtract the standard quantity of materials allowed for the actual output from the actual quantity used, then multiply by the standard cost per unit. For labor yield variance, compare the standard hours allowed for the actual output with the actual hours worked, and multiply the difference by the standard labor rate. This analysis helps identify inefficiencies in production processes.
What are the uses of a direct labor budget?
Direct labor budget utilized to compare the actual direct labor cost and standard cost for specific task and for controlling purpose so that if there are variances those variances could be eliminated to bring the actual cost to budgeted cost.
When is Direct Labor Budget prepared?
Direct labor budget is prepared during planning stage before the actual production starts.
How do premature labor and false labor differ?
a premature labor occurs when the fetus has been developing in the womb for 37 weeks or less, a false labor is when the mother feels contractions and believes the labor may have begun hours or days before the actual labor starts.
How old can you be to get an actual job?
Child labor laws prevents anyone from hiring a person under 16, so you have to be 16 to get an actual job.
What is the date of Labor Day 2014?
In the US, Labor Day is the first Monday in September. The actual date varies according to the calendar for the given year.
Who did the actual labor to build the pyramids?
the farmers did most of the pyramid building come on you learn that in the 6th grade :|
Which method of time accounting is primarily assigned to the operations flight and reports exact labor hours?
Actual
