Custom Clubs produces handmade golf clubs. The process is labor intensive. The speed at which a club can be built depends on the skill level of the individual worker. Management has established a standard of 2 labor hours per club. The standard wage rate is $12 per hour. During a recent month, 2,500 custom clubs were produced. Management was pleased that only 4,900 labor hours were worked; however, total wages amounted to $63,700.Compute the total variance for labor, and determine how much is related to rate and efficiency components. Labor variances: Actual Labor Cost Actual hours of labor - Actual rate $ - Actual cost of direct labor $ - Standard Labor Cost Output - number of clubs - Standard hours per club $ - Standard hours to achieve output - Standard rate per hour $ - Standard cost of direct labor $ - Total labor variance (standard cost v. actual cost) $ - Labor rate variance: Standard rate $ - Actual rate - $ - Actual hours - Unfavorable labor rate variance $ - Labor efficiency variance: Standard hours - Actual hours - - Standard rate $ - Favorable labor efficiency variance $

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both are integral parts of a corporate balance sheet. the cash flow statement, or statement of cash flows, measures the sources of a company's cash and its uses of cash over a specific time period. the income statement measures a company's financial performance, such as revenues, expenses, profits or losses over a specific time period (in fact, it's sometimes called a statement of financial performance).

a cash flow statement shows exactly how much money a company has received and how much it has spent, traditionally over a period of one month. it captures the current operating results and changes on the balance sheet, such as increases or decreases in accounts receivable or accounts payable, and does not include noncash accounting items such as depreciation and amortization. the cash flow generally comes from revenue received as a result of business activity, but it may be augmented by funds available as a result of credit. a cash flow statement is used to determine the short-term viability and liquidity of a company, specifically how well it is positioned to pay its bills and vendors.

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