The Imprime-Expert company offers printing services for cosmetic products, intended for different companies across the country. The production accounting department must evaluate the various variances in production costs after each quarter in order to establish new standards. Here is information regarding direct labor hours and budget. Budgeted labor hours for last quarter 60,480 hrs Budgeted direct labor costs $907,200 Budgeted rate $15/hr Actual hours recorded for first quarter 63,250 hrs Actual labor costs recorded for last quarter last quarter $980,375 Actual rate $15.5/hr Based on the data presented, what is the variance on direct labor time?

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To calculate the variance on direct labor time we need to compare the budgeted labor hours with the ... View the full answer