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Budgeting and Variance Analysis: A company budgeted to produce 1,000 units at a standard cost of $50 per unit. However, actual production was 1,200 units

Budgeting and Variance Analysis:

A company budgeted to produce 1,000 units at a standard cost of $50 per unit. However, actual production was 1,200 units with total costs of $65,000. Calculate the production volume variance and the total cost variance.

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