Question
In: Accounting
What is the direct labor time variance. Choose 2 answers Units =60,000 Cost /hr Usage...
What is the direct labor time variance.
Choose 2 answers
Units =60,000
Cost /hr Usage
Standard $15.40/hr 2.34 hr /unit
Actual $15.17/hr 2.25 hr /unit
Solutions
Expert Solution
As per the given question,
Standard time for 1 unit of a product is 2.34 hr/unit
Standard hours for 60000 units= 60000*2.34= 140400 hrs.
Actual time taken is 2.25 hr/ unit.
Actual hours for 60000 units= 60000*2.25= 135000 hrs.
Standard rate= $15.40/hr
Direct labor time variance= ( Standard time-Actual time)* Standard rate = (140400-135000)*$15.40 = $ 83160.
Therefore, Direct labor time variance is $ 83160.
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