James Has the Following Information Pertaining to Its Usage of Direct

Essay

James has the following information pertaining to its usage of direct labor in a recent period: $$\begin{array} { | l | r | } \hline \text { Total direct labor hours worked (AQ) } & 30,000 \\\hline \text { Total units manufactured } & 8,000 \\\hline \text { Actual wage rate per hour (AP) } & \$ 16 \\\hline \text { Standard cost data: } & \\\hline \text { Wage rate per hour (SP) } & \$ 18 \\\hline \text { Standard hours per unit } & 4 \\\hline\end{array}$$ Required:
1.Calculate the labor efficiency variance for the period.
2.Calculate the labor rate variance for the period.
3.Prepare, in proper form, the journal entry to record wage expense for the period, including any associated standard cost variances.