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The following cost information is for Harry Company. Actual results Total...

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Question

Accounting

The following cost information is for Harry Company.

Actual results

Total cost of purchasing material $58,000
Number of labor hours worked 1,000 hours
Number of material pounds used in production 5,850 pounds
Total labor cost $48,000
Number of units produced 300 units
Number of material pounds purchased 6,250 pounds

Harry Company has established the following standards.

Price per pound of materials $10.00 per pound
Number of pounds of material to produce one unit 20 pounds
Standard labor rate $50.00 per hour
Number of labor hours to produce one unit 3 hours

Compute Harrys labor rate variance.

A. $2,000 Unfavorable

B. $5,000 Unfavorable

C. $5,000 Favorable

D. $2,000 Favorable

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