Question: Analyze the standard costing system employed by Samsung Electronics. For a specific product, the standard cost per unit is $100, comprising $60 for direct materials

Analyze the standard costing system employed by Samsung Electronics. For a specific product, the standard cost per unit is $100, comprising $60 for direct materials and $40 for direct labor. During the last month, Samsung produced 10,000 units. However, the actual costs incurred were $600,000 for direct materials and $250,000 for direct labor. Calculate the materials and labor variances.

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