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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 363,000 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 363,000 hours at $9.20 per hour. Verde has the following labor standard: 0.45 hour at $10.00. Required: Compute the labor rate variance. $ Compute the labor efficiency variance. $

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