Ratliff Industries provided the following information about its standard costing system for 2011: 
Instructions
Calculate the labor price variance and the labor quantity variance.
Definitions:
Validity
How well a psychometric test measures what it is intended to measure.
Reliability
How consistently a psychometric test produces similar results each time it is used.
Stereotype Threat
Apprehension about confirming negative stereotypes related to a person’s own group.
Nonvaluative
Pertaining to an approach or judgment that does not involve ascribing value, worth, or merit.
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