Information on Bayview Inc.'s direct labor costs for the month of February is as follows: Actual...

Information on Bayview Inc.'s direct labor costs for the month of February is as follows:

Actual rate $18

Standard hours 12,000

Actual hours 14,000

Direct labor price variance—unfavorable $7,000

What was the standard rate for February ?

Expert Solution

Answer:

Direct labor price variance   =    Actual Hours x ( Standard Rate (-) Actual rate )
($ 7,000)                                      =      14,000   x ( Standard Rate (-) $ 18 )
   ($ 7,000) / $ 14,000                =    ( Standard Rate (-) $ 18 )
( Standard Rate (-) $ 18 )       =       ($ 0.50 )
     Standard Rate                      =    $ 18 (-) $ 0.50
     Standard Rate                      =     $ 17.50

Standard Rate = $ 17.50

ekkarill92 answered 1 year ago

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