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The standard cost of labor for the Richard Company's product is 2 hours of labor...

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Accounting

The standard cost of labor for the Richard Company's product is 2 hours of labor for each unit of product at a cost of $12 per hour.

During December, 110,200 hours of labor were incurred to produce 58,000 units of product. The actual labor rate was $12.50 per hour.

Compute the Labor Efficiency (or Quantity) Variance

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