Question

Explain in brief Labour variances.

Answer 1

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⬇answer⬇

Labor variance-->>Labor efficiency variance. Measures the difference between actual and expected hours worked, multiplied by the standard hourly rate. Labor rate variance. Measures the difference between the actual and expected cost per hour, multiplied by the actual hours incurred. ✅✅✅

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Answer 2

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⎇ Labor rate variance. Measures the difference between the actual and expected cost per hour, multiplied by the actual hours incurred.