Question: Analyze the standard costing system employed by Apple Inc. For a specific product, the standard cost per unit is $80, comprising $50 for direct materials

Analyze the standard costing system employed by Apple Inc. For a specific product, the standard cost per unit is $80, comprising $50 for direct materials and $30 for direct labor. During the last month, Apple produced 6,000 units. However, the actual costs incurred were $480,000 for direct materials and $200,000 for direct labor. Calculate the materials and labor variances.

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