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CRS Engineering Company uses a standard cost system. The following information pertains to 2020: Actual total direct labor costs $320,000 Total actual direct labor hours

CRS Engineering Company uses a standard cost system. The following information pertains to 2020:

Actual total direct labor costs $320,000

Total actual direct labor hours 40,000 hrs.

Total standard labor hours allowed 24,000 hrs.

Actual labor rate $8 per hour

Standard labor rate $9 per hour

Required: Calculate CRS's labor efficiency variance and labor rate variance.

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