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Among the various aspects that come under accounting, labor efficiency variance is one of them. Labor is a vital resource for a company and takes up a large portion of the production costs. So companies need to find out if the labor costs are justified or not. You should know how to derive this information based on certain calculations. You need to take our accounting help from to master all these topics confidently.

What is Labor Efficiency Variance

The number of hours that a labor resource puts in actual production may not match with what was attributed to it while making budgets for costs. Labor efficiency variance is a calculation of the difference between the number of hours of actual labor required per unit and the number of hours which was projected to be required per unit. This calculation is estimated on the basis of the standard wage rate. This difference can occur due to unforeseen situations because of which labor resource could not be used fully. This calculation is done on the basis of a formula which is -

  • (Standard labor hours - Actual labor hours) * Standard wage rate
  • The results of this calculation should be favorable for the company. This happens when the actual labor costs are lower than the estimated labor costs. Otherwise the results are considered to be negative and not viable for the company.


Free Labor Efficiency Variance Homework Help

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The tutors at help to make your accounting knowledge strong so that you can face any problem in the real field. The seemingly tedious and complex topics are presented with an appealing approach. You can make use of our free labor efficiency variance homework help to solve your assignment issues. You can find free accounting homework help for all topics on accounting. We solve one of your accounting homework help questions free of charge every 24 hours. is your guide through the various facets of accounting to gaining comprehensive understanding of the subject.


Labor Efficiency Variance - Online Tutoring Help

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