Phelps Gold manufactures award medals. In August, Phelps produced 5,680 medals, 115 more than expected....
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Phelps Gold manufactures award medals. In August, Phelps produced 5,680 medals, 115 more than expected. During the month, the company purchased 1,330 ounces of gold for $1,162,000. The standard price for the gold is $878 per ounce. The company actually used 1,136 ounces of gold for production. Calculate Phelpss direct materials price variance for the month.
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