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Boss Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the companys customers are governmental agencies, prices are
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a) Compute the price and quantity variances for direct materials and direct labor.
Materials price variance $______ Favorable or Unfavorable
Material Quantity variance $_______ Favorable or Unfavorable
Labor price variance $________ Favorable or Unfavorable
Labor quantity variance $_______ Favorable or Unfavorable
b) Compute the total overhead variance.
Total Overhead variance $______ Favorable or Unfavorable
c) Prepare an income statement for management.
Boss Labs, Inc.
Income Statement
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