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.