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Labor Variances Verde Company produces wheels for bicycles. During the year, 658,000 wheels were produced. The actual labor used was 364,000 hours at $9.10 per

Labor Variances Verde Company produces wheels for bicycles. During the year, 658,000 wheels were produced. The actual labor used was 364,000 hours at $9.10 per hour. Verde has the following labor standard: 0.48 hour at $10.40. Required: 1. Compute the labor rate variance. 855,400 X Favorable 2. Compute the labor efficiency variance

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