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Compute the labor rate variance

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Reference no: EM133072014

Question - The standard cost of labor for the Richard Company's product is 2 hours of labor for each unit of product at a cost of $12 per hour. During December, 110,200 hours of labor were incurred to produce 58,000 units of product. The actual labor rate was $12.50 per hour. Compute the labor rate variance. Compute the labor efficiency (or quantity) variance.

Reference no: EM133072014

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