The standard cost card of a particular product specifies that it requires 4.5 direct labor-hours at $12.80 per direct labor-hour. during march, 2,300 units of the product were produced and direct labor wages of $128,300 were incurred. a total of 11,700 direct labor-hours were worked. the direct labor variances for the month were:

Total Labor Variance

rate variance                  $21,460.00   F

efficiency variance $(17,280.00) U

 Total Labor Variance         4,180.00  F

Explanation:

std rate                $12.80

actual rate        $10.97 (128,300 actual cost /11,700 actual hours)

actual hours          11,700

difference                $1.83

rate variance      $21,460.00

The difference between actual rate and standard rate is positive, the labor hour cost less. the variance is favorable

std  hours                    10350.00 (2,300 units x 4.5 hours per unit)

actual hours                     11700.00

std rate                                 $12.80

difference                      -1350.00

efficiency variance  $(17,280.00)

The difference is negative, it takes more hours than expected to produce te 2,300 units the variance is unfavorable

Total Labor Variance

rate variance                  $21,460.00

efficiency variance  $(17,280.00)

                                              4,180.00  

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income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.