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5.A company budgeted to produce 1000 units of a product in a certain period. The standard cost card showed that 2 and half labour hours
5.A company budgeted to produce 1000 units of a product in a certain period. The standard cost card showed that 2 and half labour hours are required per unit of this product. Actual results showed that 800 units were produced and 1700 labour hours were worked. Calculate; (a) Labour efficiency ratio (b) Labour capacity ratio (C) Labour volume ratio Interpret each of the ratios calculated above
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