Use the following cost information to calculate the direct labor rate and efficiency variances and indicate whether they are favorable or unfavorable.
Definitions:
Contra-Revenue Account
An account that is deducted from gross revenue to determine net revenue, such as sales returns, allowances, and discounts.
Income Statement
A financial statement that shows a company's financial performance, including revenues, expenses, and profits over a specific period.
Current Liability
Obligations or debts that a company must pay within a year from the date of the balance sheet.
Balance Sheet
A balance sheet is a financial statement that provides a snapshot of a company's financial position, showing assets, liabilities, and equity at a specific point in time.
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