What is the Labor rate variance for the question below?
What is the Labor rate variance for the question below? Thank you!
Annapolis Company completes job #601 which has a standard of 540 labor hours at a standard rate of $18.60 per hour. The job was completed in 600 hours and the average actual labor rate was $18.20 per hour.
A negative number indicates a favorable variance but a positive number indicates an unfavorable variance.