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Labor Variances verde company produces wheels for bicycles. During the year, 654,000 wheels were produced. The actual labor used was 362,000 hours at $9.20 per

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Labor Variances verde company produces wheels for bicycles. During the year, 654,000 wheels were produced. The actual labor used was 362,000 hours at $9.20 per hour. Verde has the following labor standard: 0.51 hour at $10.10 Required: 1. Compute the labor rate variance. Favorablev 2. Compute the labor efficiency variance. Unfavorable

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