The following labor standards have been established for a particular product: Standard labor-hours per unit of output 10.1 hours Standard labor rate $ 13.90 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 7,900 hours Actual total labor cost $ 106,650 Actual output 1,100 units What is the labor efficiency variance for the month

44,619 favorable

Explanation:

WORK:

Direct labor efficiency variance

= (Standard hours - Actual hours)*Standard rate

= (11,110-7900)*13.90

=3,210*13.90

= 44,619 favorable

Therefore the labor efficiency variance for the month is 44,619 favorable

Standard hours = Standard labor-hours per unit of output*Actual output

= 10.1*1,100

= 11,110

statement of owner's equity;

due to the changes the federal reserve is making the unused reserves will impact the economy by them facing inflation. inflation is definfed as the increase in pricing of a good or service but the decline of the value of money used for purchasing those items. when the economy has a high inflation rate, they are subject to money loss and hurt on the economy.