Lewis Companys standard labor cost of producing one unit of Product DD is 3.1 hours...
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Accounting
Lewis Companys standard labor cost of producing one unit of Product DD is 3.1 hours at the rate of $12.5 per hour. During August, 42,000 hours of labor are incurred at a cost of $12.70 per hour to produce 13,400 units of Product DD.
(A) Compute the total Labor Variance
(B) Compute the labor Price and Quantity Variances
Labor Price Variance
Labor Quantity Variance
(C) Compute the labor rpice and quantity variances, assuming the standard is 3.3 hours of firect labor at $12.90 per hour.
Labor Price Variance
Labor quantity variance
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