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What is the labor efficiency variance

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Question - The standard quantity of direct labor for each fuzzy bear is one hour. The standard wage rate is $12 per hour. ABC manufactured 1,000 fuzzy bears in October. The company used 980 direct labor hours and paid $12.50 per hour.

What is labor rate variance? Is the variance favorable or unfavorable?

What is the labor efficiency variance? Is the variance favorable or unfavorable?

Reference no: EM131816673

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