Standard Rates
Standard labor hours per unit : 0.20
Standard labor price per hour : $ 7.50
Square yards material per unit : 1.50
Standard price per yard : $ 1.15
Handle / rib / stretcher assembly per unit : 1
Standard price per handle assembly : $ 1.05
Companies can use variance analysis and benchmarking to measure performance within their own company and against competitors . This can be done by setting standards / budgets and comparing a completed variance analysis to results from prior periods or comparing them to competitors ’ results . Using the information provided above , complete the following calculations ( steps 1 and 2 ) in the Hampshire Company Spreadsheet . This will assist you in responding to all components of Section III .