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Labour Rate Variance
The following labor standards have been established for a particular product: 1.5 standard labor hours per unit at $17.55 per hour. During the last month, 5,300 hours were worked costing $94,340 and 3,600 units were produced. What is the labor rate variance for the month? [Do not use decimals. If your labor rate variance is negative, please use a "-" instead of (), i.e. -500 NOT (500).
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