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What do you mean by labor cost variance?
Labor cost variance means the difference between standard labor cost and actual labor cost.
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.
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 is the Direct labor efficiency variance formula?
(actual time * standard rate) - (standard time * standard rate)
Do you want a higher or lower labor standard?
It is not clear what you mean by labor standard. If you are talking about standards that will take the US out of the running for manufacturing jobs and for international trade, then I do not want them.
What child labor laws came into affect during the Industrial Revolution?
Fair Labor Standard Act
What is the industry standard for restaurant labor?
the legal age is 16yrs
Does the fail labor standard act still exist today?
probation.
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 does an unfavorable direct labor price variance indicate?
Unfavorrable direct labor price variance indicates that business has incurred more direct labor cost for production of units of product then standard labor cost. For example if standard cost of direct labor for producing 1 unit is 10 and company incurred 105 for making 10 units then extra 5 is unfavorable direct labor cost variance.
What is the standard emloyement probational period dept of labor?
what is the length of probation period
