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Why labour rate variance is essential?
Actually, labor variance is nothing but it is a type of cost variance which focuses on the rates of labor and their working hours. It is also the difference between actual and estimated labor costs because they are relatedwith the project. The necessity of labor rate can also be explained in detail if someone want, and for that learners have to take Labor Rate of Pay Variance assignment help from us.
How to get labor rate variance?
It is evident that calculation part is the most difficult and tricky things, and most often the aspirants found difficulty in solving them. But their problems can be solved easily if they take Labor Rate of Pay Variance homework help. Heading forwardnow we will see that how to calculate labor rate variance as it is the most crucial part of account production management.
Labor Rate Variance = AT x (SR – AR), where AT stands for Actual time, AR stands for Actual rate and SR stands for Standard rate.
Apart from that the calculation of LRV can also be made simple with using another formula, and it is –
LRV = Actual rate x Actual Quantity – Actual Standard rate x Quantity
= Actual cost – Standard cost of actual hours
Implications and causes for favorable labor rate variance
Positive or favorablelabor rate of pay variance suggests that cost-effective employment of the labor done by the company.
Coming to the causes of favorable labor rate of pay variance then there are number of causes like:
- Reducing rate of wages in the market because of increasing supply of labor in the market.
- Employing more unskilled labor
- High setting of standard cost of labor
So these are some important factors regarding the favorable labor rate variance. You can also get more detail through our Labor Rate of Pay Variance assignment help.
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