Myers Corporation has the following data related to direct materials costs for November: actual cost for 4,650 pounds of materia
1 answer:
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Answer:
-$3,547 unfavorable
Explanation:
For the computation of labor rate variance for January first we need to find out the standard direct labor cost which is shown below:-
Standard Direct labor cost = Produced units × Standard quantity of direct labor × Standard price of direct labor
= 3,440 × 0.8 × $33
= $90,816
Labor rate Variance = Standard direct labor cost - Actual labor cost
= $90,816 - $94,363
= -$3,547 unfavorable
Therefore for computing the labor rate variance we simply applied the above formula.
