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Labor Variances Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the...
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# Labor Variances

Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor:

Leather (3 strips @ \$4)\$12.00Direct labor (0.75 hr. @ \$12)9.00Total prime cost\$21.00

During the first month of the year, Boise plant produced 92,000 belts. Actual leather purchased was 287,500 strips at \$3.60 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 78,700 hours at \$12.50 per hour.

Required:

Break down the total variance for labor into a rate variance and an efficiency variance using the columnar and formula approaches.

Rate variance\$_______________Unfavorable

Efficiency variance\$_____________Unfavorable

Total variance\$___________________Unfavorable

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