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Labor Variances and Responsibility Quiz
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Labor Variances and Responsibility Quiz

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Questions and Answers

What is the formula to calculate Labor Rate Variance (LRV)?

  • Actual Hours of Input x Standard Rate
  • Standard Hours Allowed x Standard Rate
  • Actual Hours of Input x Actual Rate (correct)
  • Standard Hours Allowed x Actual Output

    • What is the formula to calculate Labor Efficiency Variance (LEV)?

  • Standard Hours Allowed x Standard Rate
  • Standard Hours Allowed x Actual Output (correct)
  • Actual Hours of Input x Actual Rate
  • Actual Hours of Input x Standard Rate

    • In the context of the given information, what does a Favorable Variable Overhead Efficiency Variance (VOEV) indicate?

  • Efficiency is higher than expected (correct)
  • Costs are under control
  • Costs are not properly managed
  • Efficiency is lower than expected

    • What does a negative value for Variable Overhead Rate Variance (VORV) signify?

    <p>Favorable variance</p> Signup and view all the answers

    If the Variable Overhead Efficiency Variance (VOEV) is Unfavorable, what does it suggest?

    <p>Costs are not properly managed</p> Signup and view all the answers

    How can Total Flexible Variance be described based on the calculations provided?

    <p>The difference between VORV and VOEV</p> Signup and view all the answers

    If the Labor Rate Variance (LRV) is Negative, what might be concluded?

    <p>Higher labor costs than expected</p> Signup and view all the answers

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