Question: The standard time and standard rate of labour to produce 'Product Y' are as follows: Standard

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The standard time and standard rate of labour to produce 'Product Y' are as follows:

Standard Time: 500 hours

Actual Time: 550 hours

Standard Rate: AED 20/hour

Actual Rate: AED 18/hour

Idle Time - 50 hours

Calculate:

a. Labour Cost Variance

b. Labour Rate Variance

c. Labour Efficiency Variance

d. Idle Time Variance

Related Book For answer-question

Management Accounting

ISBN: 9781760421144

7th Edition

Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton

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Posted Date: Dec 01, 2022 11:43 PM

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Question: The standard time and standard rate of labour to produce 'Product Y' are as follows: Standard

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Expert Answer:

Answer Standard Time SH 500 hours Actual Time AH 550 hours Standard Rate SR AED 20hour Actual Rate ... View the full answer

Management Accounting

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