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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

a. What are the two variances between the actual cost and the standard cost for direct labor?

b. Who generally has control over the direct labor cost variances?

a.

To determine

Direct labor variances:

The difference between the actual labor cost in the production and the standard labor cost for actual production is known as direct labor cost variance. The direct labor variance can be classified as follows:

    • Labor rate variance.
    • Labor time variance.

To indicate: The two variances between the actual cost, and standard cost for direct labor.

Explanation

The two variances between the actual cost, and standard cost for direct labor are as follows:

b.

To determine

To identify: The person, who generally has control over the direct labor cost variances.

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