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Calculate the labor rate variance

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Reference no: EM132931140

Question - At Richetti, the standard quantity of labor is 24 hours per refrigeration unit. The standard wage rate is $33. In July, the company produced 75 refrigeration units and incurred 2,130 labor hours at a cost of $63,900.

Required - Calculate the labor rate variance and the labor efficiency variance. Indicate whether the variances are favorable or unfavorable.

Reference no: EM132931140

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