Which of the following correctly lists all the information needed to calculate a labor rate variance?
A) Standard labor rate and actual hours worked.
B) Actual hours worked and actual units produced.
C) Standard labor rate, actual labor rate, and actual units produced.
D) Actual labor rate and actual hours worked.
E) Actual labor rate, standard labor rate, and actual hours worked.

Question

Quizplus · Accepted Answer

To calculate a labor rate variance, you need the standard labor rate (what you expected to pay per hour), the actual labor rate (what you actually paid per hour), and the actual hours worked. This variance measures the difference between what was actually paid to workers and what should have been paid according to the standard rate.

Which of the Following Correctly Lists All the Information Needed