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The Standard and actual figures of a firm are as under: Standard time for the...

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Accounting

The Standard and actual figures of a firm are as under:

Standard time for the job: 1000 hours

Standard Rate per hours: $ 0.50

Actual time taken: 900 hours

Actual wages paid: $ 360

Compute Labor rate variance (LRV) and Labor Efficiency Variance (LEV).

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