Ruby Company Produces a Chair That Requires 5 Yards of Material

Short Answer

Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.60. During the month, 8,500 chairs were manufactured, using 40,000 yards at a cost of $7.50.
Determine:
(a) price variance
(b) quantity variance
(c) total cost variance.