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Part #1 Lime Company planned to produce 5,100 units of Product Green using 5lbs of...

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Accounting

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Part #1 Lime Company planned to produce 5,100 units of Product Green using 5lbs of direct materials at a standard cost of $10 per lb. In actually producing 5,100 units of Product Green, Lime Company used 28,000 lbs. of direct materials costing a total of $266,000. REQUIRED: Part #1 Based on the above information, calculate each of the following and then indicate if it is favourable or unfavourable. a) Direct Material Price Variance b) Is the Direct Material Price Variance favourable or unfavourable? c) Direct Materials Quantity Variance d) Direct Materials Quantity Variance e) The purchasing manager says that he did a good job getting the materials at a lower cost per lb., is the correct

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