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In Crane Companys income statement, they report gross profit of $40000 at standard and the following variances: Materials price $420 F Materials quantity 600 F

In Crane Companys income statement, they report gross profit of $40000 at standard and the following variances:

Materials price $420 F
Materials quantity 600 F
Labor price 420 U
Labor quantity 1000 F
Overhead 900 F

Crane would report actual gross profit of

$36660.

$42500.

$37500.

$43340.

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