Annapolis Company completes job #601 which has a standard of 560 labor

hours at a standard rate of $19.50 per hour. The job was completed in 640 hours and the average actual labor rate was $18.40 per hour. What is the labor rate variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.

Annapolis Company completes job #601 which has a standard of 640 labor hours at a standard rate of $18.50 per hour. The job was completed in 650 hours and the average actual labor rate was $18.60 per hour. What is the labor efficiency (quantity) variance? A negative number indicates an favorable variance and a positive number indicates an unfavorable variance.