Shimano Company makes a product that is expected to require 6 hours of labor per unit of product. The standard cost of labor is $5.30. Shimano actually used 5.90 hours of labor per unit of product. The actual cost of labor was $5.20 per hour. Shimano made 1,600 units of product during the period. Based on this information alone, the labor price variance is: $848 favorable. $848 unfavorable. $944 unfavorable. $944 favorable.
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