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A manufacturing company's standard labor cost to produce one unit of a product is 15 hours at $10 per hour. During a period, 9,500 units
A manufacturing company's standard labor cost to produce one unit of a product is 15 hours at $10 per hour. During a period, 9,500 units were produced with actual labor costs amounting to $100,000. Evaluate the labor rate variance and labor efficiency variance using a comprehensive analysis of the factors contributing to deviations from standard costs, such as wage adjustments, training programs, and production inefficiencies. Develop a corrective action plan to address the variances and improve overall labor cost control.
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