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Discuss in your own words the reasons that are attributed to: Material Variances: (1) Price variances (2) Quantity Variances Labor Variances: (1) Rate variances (2)

Discuss in your own words the reasons that are attributed to:

Material Variances: (1) Price variances

(2) Quantity Variances

Labor Variances:

(1) Rate variances

(2) Efficiency Variances

Keep your discussion to the point and give examples.

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