Question: Perform variance analysis for General Electric's direct labor for August 2023. Item Amount ($) Standard Cost per Hour 16 Actual Cost per Hour 17 Standard

Perform variance analysis for General Electric's direct labor for August 2023.

Item

Amount ($)

Standard Cost per Hour

16

Actual Cost per Hour

17

Standard Hours Allowed for Actual Production

2,500 hours

Actual Hours Worked

2,700 hours

Question:

Using the given data, calculate the direct labor rate variance and the direct labor efficiency variance for General Electric for August 2023. Show your calculations and explain the significance of these variances.

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