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Direct Labor Variances Tip Top Corp. produces a product that requires 5 standard hours per unit at a standard hourly rate of $10 per hour. If 5,700 units required 27,900 hours at an hourly rate of $10.5 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance $ 13,950 Unfavorable b. Direct labor time variance $ 278,950 x Favorable c. Direct labor cost variance Unfavorable Feedback Check My Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). The labor cost variance is the difference between the actual and standard labor cost. Learning Objective 3. Product Cost Markup Percentage Crescent Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $74 per unit, of which $38 is product cost and $36 is selling and administrative expenses. In addition, the total cost of $74 is made up of $43 variable cost and $31 fixed cost. The desired profit is $7 per unit. Determine the markup percentage on product cost. Round the answer to nearest whole number. 17 x % Feedback Check My Work Divide the desired profit plus the selling and administrative expense by the total product cost. Learning Objective 2. Average Rate of Return The following data are accumulated by Eco Labs, Inc. in evaluating two competing capital investment proposals: Testing Equipment Vehicle Amount of investment $52,000 $88,000 Useful life 4 years 9 years Estimated residual value Estimated total income over the useful life $5,720 $41,580 Determine the expected average rate of return for each proposal. If required, round your answers to one decimal place. Testing Equipment Vehicle L 17 x % 32 %