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Rhodes Corporation manufactures a product with the following standard costs: Standards are based on normal monthly production involving 2,000 direct labor hours (500 units of

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Rhodes Corporation manufactures a product with the following standard costs: Standards are based on normal monthly production involving 2,000 direct labor hours (500 units of output). The following information pertains to the month of July: Compute the following variances for the month of July, indicating whether each variance is favorable or unfavorable: 1. Materials purchase price variance 2. Materials quantity variance 3. Labor rate variance 4. Labor efficiency variance

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