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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: 430,000 . b. Materials purchased: 3,010,000 pounds @ $4.80. c. Materials used: 2,537,000 pounds. d. Direct labor: 774,000 hours @$11.64

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