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Verde Company produces wheels for bicycles. During the year, 656,000 wheels were produced. The actual labor used was 355,000 hours at $9.30 per hour. Verde

image text in transcribed Verde Company produces wheels for bicycles. During the year, 656,000 wheels were produced. The actual labor used was 355,000 hours at $9.30 per hour. Verde has the following labor standard: 0.47 hour at $10.20. Required: 1. Compute the labor rate variance. 2. Compute the labor efficiency variance

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