Managerial Accounting: E8-7A At the beginning of last year, Creative Productions set direct labor

Managerial Accounting

E8-7A Direct Labor Variances

At the beginning of last year, Creative Productions set direct labor standards of 2 hours at $25 per hour for each product produced. During the year, 1700 direct labor hours were actually worked at an average cost of $26.00 per hour. 

Using this information and the applicable information from above, calculate the company's direct labor rate and efficiency variances for the year.
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