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A company calculated the labor activity variance as $500 favorable, the labor efficiency variance as $55,000 unfavorable, and the rate variance as $54,500 favorable. Can

A company calculated the labor activity variance as $500 favorable, the labor efficiency variance as $55,000 unfavorable, and the rate variance as $54,500 favorable.

Can you provide a logical explanation in the simplest way that explains these variances?

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