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DEF Inc manufactures a product with a standard labor rate of $15 per hour. During the month, the company produced 8,000 units, and actual labor

DEF Inc manufactures a product with a standard labor rate of $15 per hour. During the month, the company produced 8,000 units, and actual labor hours were 20,000 at an actual rate of $16 per hour. Calculate the labor rate and efficiency variances.

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