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Simpson Company makes a product that is expected to require 3 hours of labor per unit of product. The standard cost of labor is $5.70.
Simpson Company makes a product that is expected to require 3 hours of labor per unit of product. The standard cost of labor is $5.70. Simpson actually used 3.10 hours of labor per unit of product. The actual cost of labor was $5.80 per hour. Simpson made 1,300 units of product during the period. Based on this information alone, the labor price variance is:
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