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Determine the time variance and rate variance

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Question

Standard and actual costs for direct labor for the manufacture of 1,500 units of product were as follows:

Actual costs 450 hours @ $17.00

Standard costs 455 hours @ $16.50

Determine the (a) time variance, (b) rate variance, and (c) total direct labor cost variance. Round your answers to two decimal places.

a. Time variance$

b. Rate variance$

c. Total direct labor cost variance$

Reference no: EM132381434

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