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The Following Standards Have Been Established for a Raw Material

Question 136

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The following standards have been established for a raw material used to make product P62: The following standards have been established for a raw material used to make product P62: The following data pertain to a recent month's operations: Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? The following data pertain to a recent month's operations: The following standards have been established for a raw material used to make product P62: The following data pertain to a recent month's operations: Required: a. What is the materials price variance for the month? b. What is the materials quantity variance for the month? Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?

Correct Answer:

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a. Materials price variance = (AQ × AP) ...

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