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Ramona Company has the following labor-related data.
Standard labor hours for output: 15,000 hoursStandard labor rate: $10 per hourActual labor rate: $8 per hourActual labor hours: 17,500 hoursGiven these data, which ONE of the following would be included in the single journal entry needed to record Wages Payable and the labor variances?
Credit Labor Efficiency Variance for $25,000Debit Labor Rate Variance for $35,000Credit Wages Payable for $175,000Debit Work-In-Process Inventory for $140,000Credit Labor Rate Variance for $10,000Credit Labor Rate Variance for $35,000
Credit Labor Efficiency Variance for $10,000
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