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The following materials standards have been established for a particular product: ...

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Accounting

The following materials standards have been established for a particular product:

Standard quantity per unit of output 4.5 meters
Standard price $ 17.60 per meter

The following data pertain to operations concerning the product for the last month:

Actual materials purchased 7,000 meters
Actual cost of materials purchased $ 126,350
Actual materials used in production 6,600 meters
Actual output 1,440 units

What is the materials price variance for the month?

Multiple Choice

$8,710 U

$7,400 U

$2,166 U

$3,150 U

Answer & Explanation Solved by verified expert
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