Escuchar Products, a producer of DVD players, has established a labor standard for its product—direct labor: 3 hrs at $9.55 per hour. During January, Escuchar produced 12,800 DVD players. The actual direct labor used was 37,840 hours at a total cost of $367,048.   Required: 1. Compute the labor rate and efficiency variances. 2. Prepare journal entries on Jan. 31 for all activities relating to labor.

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Escuchar Products, a producer of DVD players, has established a labor standard for its product—direct labor: 3 hrs at $9.55 per hour. During January, Escuchar produced 12,800 DVD players. The actual direct labor used was 37,840 hours at a total cost of $367,048.
  Required:
1. Compute the labor rate and efficiency variances.
2. Prepare journal entries on Jan. 31 for all activities relating to labor.
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