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Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The

image text in transcribed Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: The actual results for the year are as follows: a. Units produced: 480,000. b. Materials purchased: 3,360,000 pounds @ $4.50. c. Materials used: 2,832,000 pounds. d. Direct labor: 1,008,000 hours @ \$13.80

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