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Standard Labor Rate: $15 per hour; Standard Hours per Unit: 4 hours; Actual Labor Rate: $14 per hour; Actual Hours Worked: 2,000 hours. Requirements :

    • Standard Labor Rate: $15 per hour; Standard Hours per Unit: 4 hours; Actual Labor Rate: $14 per hour; Actual Hours Worked: 2,000 hours.
    • Requirements:
      • Calculate the labor rate variance and labor efficiency variance.
Analyze the reasons for the variances.

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