Indicate Whether Each of the Following Statements Is True or False.The

Essay

Indicate whether each of the following statements is true or false.The labor price variance is favorable when the actual rate paid for labor is higher than the standard rate.The production department is generally responsible for the labor price variance.If the standard quantity of labor per unit of a product is 0.5 hour and the actual quantity of labor is 0.45 hour, the labor price variance is favorable.Labor price variances measure the productivity of the labor force.Machine breakdowns and inferior materials can result in an unfavorable labor usage variance.