Using the information provided by computing the following variances. Show all calculations and label your answers clearly.
The actual price paid for ingredients
$50.00
The standard price for ingredients
$49.75
Actual quantity purchased and used
3.85 lbs.
Standard quantity used
4 lbs.
Actual labor rate per hour
$52.50
Standard labor rate per hour
Actual hours for cakes produced
7 hours
Standard hours for cakes produced
6.9 hours
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