Chapter 10, Problem 17BE

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Accounting ?

Accounting problem

Financial Accounting Question

Creswell Corp. uses a standard costing system. In September, 8,400 actual labor hours were worked at a rate of $18.20 per hour. The standard number of hours allowed was 7,100 and the standard wage rate is $16.00 per hour. Determine: a) Labor Rate Variance (LRV) b) Labor Efficiency Variance (LEV)

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Accounting

Please provide the solution to this general accounting question using proper accounting principles.