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The following data relate to direct labor costs for the current period: Standard costs 7,000 hours at $11.40 Actual costs 6,400 hours at $10.10 What is the direct labor rate variance

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Answer:

Direct labor rate variance= $8,320 favorable

Explanation:

Giving the following information:

Standard costs 7,000 hours at $11.40 Actual costs 6,400 hours at $10.10

To calculate the direct labor rate variance, we need to use the following formula:

Direct labor rate variance= (Standard Rate - Actual Rate)*Actual Quantity

Direct labor rate variance= (11.4 - 10.1)*6,400

Direct labor rate variance= $8,320 favorable

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