A favorable labor rate variance indicates that Garrison 16e Rechecks 2017-08-17 Multiple Choice standard hours exceed actual hours. the actual rate exceeds the standard rate. the standard rate exceeds the actual rate.

the standard rate exceeds the actual rate.

Explanation:

Variance is the simply difference that occurs between the actual and standard.

A favorable labor rate variance simply implies that the standard rate is more than the actual rate. The labor rate variance is the difference that occurs between standard labor rate for an hour and actual labor rate for same hour, which will then be multiplied by the actual hours that was incurred.

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