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A company reports the following for one of its products. Direct materials standard (4 pounds...

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Accounting

A company reports the following for one of its products. Direct materials standard (4 pounds @ $3 per pound) $ 12 per unit Actual direct materials used (AQ) 350,000 pounds Actual units produced 70,000 units Actual cost of direct materials used $ 910,000 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable

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