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Please explain the concept throughly used in this question prior to answering it. Write a couple paragraphs Explain the concept by typing and explaining throughly, answer the question by handwritten solutions.

EXERCISE 10-12 Working Backward from Labour Variances [LO3Q] Worldwide Credit Card Inc. uses standards to control the labour time involved in opening mail from cardholders and recording the enclosed remittances. Incoming mail is gathered into batches, and a standard time is set for opening and recording each batch. The labour standards relating to one batch are as follows: Standard Hours Standard Rate Standard Cost Per batch 2.5 $12.00 $30.00 The record showing the time spent last week in opening batches of mail has been misplaced. However, the batch supervisor recalls that 168 batches were received and opened during the week, and the controller recalls the following variance data relating to these batches: Total labour variance $660 U Labour rate variance S300 F Required: 1. Determine the number of actual labour-hours spent opening batches during the week. 2. Determine the actual hourly rate paid to employees for opening batches last week