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The following labor standards have been established for a particular product:

Standard hours per unit 1.7 hours

Standard labor rate $11.50 per hour.

By the end of the period 37,300 units of product had been produced. To produce this output 65,000 hours had been worked at an actual cost of $780,000.

Required:
a. What is the labor rate variance for the month?
b. What is the labor efficiency variance for the month?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9798865

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