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Compute the labor efficiency variance

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Problem - Verde Company produces wheels for bicycles. During the year, 660,000 wheels were produced. The actual labor used was 360,000 hours at $9.50 per hour. Verde has the following labor standard: 0.5 hour at $10.00.

Required -

Compute the labor rate variance.

Compute the labor efficiency variance.

Reference no: EM132701404

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