3) Miller Manufacturing Corporation has the following information regarding direct materials: Actual pounds of direct...
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3) Miller Manufacturing Corporation has the following information regarding direct materials:
Actual pounds of direct materials purchased and used 47,000
Standard quantity of direct materials 2.5 pounds per finished good
Actual production 20,000 finished goods
Direct materials quantity variance $11,500 F
Direct materials price variance $9,400 U
Compute Miller's Standard Price (SP) per pound and Actual Price (AP) per pound of direct materials.
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