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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

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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 actual results for the year are as follows: a. Units produced: 410,000 . b. Materials purchased: 2,870,000 pounds it 55.30. c. Materials used: 2,542,000 pounds. d. Direct labor: 738,000 hours if $14.28

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