Essay
Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard.?Determine the
(a) price variance,
(b) quantity variance, and
(c) cost variance.
Correct Answer:
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(a) Price Variance = ($7.50 -...View Answer
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