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Calculate the labor efficiency variance

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Reference no: EM132964177

Question - Company A produces a product has a standard of 2 hours of labor with wage paid $20 per hour. In January, Company A budgeted to produce 800 units of the product and actually produced 1,000 units of the product. Company A bought and used 1,500 hours of labor and paid wages of $22/hour. Calculate the labor efficiency variance and labor rate variance. Give a logical explanation for the variances you have calculated.

Reference no: EM132964177

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