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please help with E7-28! CoursHeroTranscribedText: Prepare the E7-28. DL variances; journal entries Calista &...

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Accounting

please help with E7-28!

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CoursHeroTranscribedText: Prepare the E7-28. DL variances; journal entries Calista & Lane, CPAs, set the following standard for its inven tory audit of Triumph Co.: 350 hours at an average hourly rate of $250. The firm actually worked 330 hours during the inventory audit process. The total labor variance for the audit was $350 unfavorable. Compute the total actual payroll. b. Compute the labor efficiency variance. c. Compute the labor rate variance. . Prepare the entry to assign labor costs to inventory, record the labor variances, and accrue payroll costs. Provide a brief explanation of these variances that is consistent with the labor rate and effi- ciency variances

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