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Calculate all the material variances

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Reference no: EM132583222

The standard cost card shows the following details relating to material needed to produce 1kg. of groundnut oil:

Quantity of groundnut oil required: 3kg
Price of groundnut oil: $2.5/kg
Actual production data:
Production during the month: 1,000 kg
Quantity of material used: 3,500 kg
Price of groundnut oil: $3/kg

Required:

Question 1: Calculate all the material variances.

Reference no: EM132583222

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