(Answered) Question - verde company produces wheels for bicycles

Accounting

Question - Verde Company produces wheels for bicycles. During the year, 650,000 wheels were produced. The actual labor used was 356,000 hours at $9.30 per hour. Verde has the following labor standard: 0.5 hour at $10.40.

Required:

1. Compute the labor rate variance.

2. Compute the labor efficiency variance.

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