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ABC Company has set the following standards for one unit of product. Direct materials: .5...

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Accounting

ABC Company has set the following standards for one unit of product. Direct materials: .5 pounds @ $1.00 per pound; Direct labor: 1 hour @ $10.00 per hour. The company produced 35,000 units and had the following actual costs: Direct materials: 18,000 pounds at a total cost of $17,280; Direct labor: 36,000 hours at a total cost of $374,400. Compute the labor efficiency variance.

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