Questions: A favorable labor rate variance indicates that

A favorable labor rate variance indicates that
Transcript text: A favorable labor rate variance indicates that
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Solution

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The answer is the third one: the standard rate exceeds the actual rate.

Explanation for each option:

  1. Standard hours exceed actual hours: This option is incorrect because it relates to efficiency variance, not labor rate variance.
  2. The actual rate exceeds the standard rate: This option is incorrect because it would indicate an unfavorable labor rate variance.
  3. The standard rate exceeds the actual rate: This option is correct because a favorable labor rate variance occurs when the actual labor rate paid is less than the standard labor rate.
  4. Actual hours exceed standard hours: This option is incorrect because it relates to efficiency variance, not labor rate variance.

Summary: A favorable labor rate variance indicates that the standard rate exceeds the actual rate.

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