Acme Company uses a standard cost accounting system. The com…
Acme Company uses a standard cost accounting system. The company’s standard is 8.0 direct labor hours per unit of finished goods. For the current month, budgeted production is 700 units of finished goods and budgeted direct labor costs are $352,800. Actual production is 670 units, actual direct labor costs are $349,270, and actual direct labor hours worked are 5,690 hours. What is the direct labor rate variance?