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Im Stuck with these, please help. Acme Inc. has the following information available Actual price Paid for material $ 1.00 Standard price for material $1.20
Im Stuck with these, please help.
Acme Inc. has the following information available
Actual price Paid for material $ 1.00
Standard price for material $1.20
Actual quantity purchased and used in production 100
Standard quantity purchased for units produced 110
Actual labor rate per hour $15
Standard labor rate per hour $16
Actual hours 200
Standard hours for units produced 220
- Calculate the material quantity variance and indicate if the variance is favorable or unfavorable
- Calculate the labor rate variance and indicate if the variance is favorable or unfavorable
- calculate the labor efficiency (time) variance and indicate if the variance is favorable or unfavorable
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