Use the following for the next five questions: The following data is given for the Walker Company: Budgeted production1,000 units Actual production980 units Materials: Standard price per lb$2.00 Standard pounds per completed unit12 Actual pounds purchased and used in production11,800 Actual price paid for materials$23,000 Labor: Standard hourly labor rate$14 per hour Standard hours allowed per completed unit4.5 Actual labor hours worked4,560 Actual total labor costs$62,928 The total direct labor variance is:

$1,188 unfavorable

Explanation:

The computation of the total direct labor variance is shown below:

Total Labor Variance is

= Total standard cost - total actual cost

=  (Standard hours ×  Standard rate) - (Actual hours × Actual rate)

= (980 units × 4.5 × $14)  - ($62,928)

= 61,740 - $62,928

= $1,188 unfavorable

Since the actual cost is more than the standard cost which results into unfavorable variance  

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.