Your company produces a product that has a standard materials cost of three pounds of...
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Accounting
Your company produces a product that has a standard materials cost of three pounds of raw materials at $5.00 per pound. During August 2022, 17,500 pounds of raw materials costing $5.50 per pound were used in making 6,000 units.
1. Calculate the direct materials price variance
2. direct materials quantity variance
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