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Solve the following equation.
Labor Rate Variance
The difference between the actual cost of labor and the expected (or standard) cost, based on hours worked and pay rates.
Labor Efficiency Variance
The variance between the actual number of labor hours utilized and the anticipated standard labor hours for the achieved production volume.
Raw Materials Inventory
The stock of materials on hand that are used in the manufacturing process to produce goods.
Transaction (b)
Likely refers to a specific, numbered transaction within a set of financial records or accounting entries, without additional context provided.
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