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ABC Corporation produces a single product. The standard cost per unit is $70 for direct materials, $50 for direct labor, and $40 for factory overhead.
ABC Corporation produces a single product. The standard cost per unit is $70 for direct materials, $50 for direct labor, and $40 for factory overhead. During the month of November, the company produced 7,000 units. Actual costs incurred were: direct materials $490,000, direct labor $340,000, and factory overhead $280,000. Calculate the total variance and break it down into material, labor, and overhead variances.
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