Materials: Standard Actual Standard: 200 pounds at $3.00 per pound $600 Actual: 220 pounds at $2.85 per pound $627 Direct labor: Standard: 400 hours at $15.00 per hour $6,000 Actual: 368 hours at $16.50 per hour $6,072 What is the journal entry to record labor variances

Dr Work in Process 6000

Dr Labor Rate Variance552

Cr Labor Efficiency Variance 480

Cr Payroll 6072

Explanation:

First, we need to know the labor rate variance and the labor efficiency variance which will be:

Labor Rate Variance:

= 368 × (16.50-15)

= 552 U

Labor Efficiency Variance:

= 15 × (368-400)

= 480 F

Then, the journal entry to record labor variances will be:

Dr Work in Process 6000

Dr Labor Rate Variance552

Cr Labor Efficiency Variance 480

Cr Payroll 6072

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