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Verde Company produces wheels for bicycles. During the year, 661,000 wheels were produced. The actual...

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Accounting

Verde Company produces wheels for bicycles. During the year, 661,000 wheels were produced. The actual labor used was 357,000 hours at $9.00 per hour. Verde has the following labor standards: 1) $10.40 per hour; 2)0.48 hour per wheel.
Required:
1. Compute the labor rate variance.
$fill in the blank 1
Favorable
2. Compute the labor efficiency variance.
$fill in the blank 3
Unfavorable

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