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Calculate the price variance and usage variance

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Question - Two types of raw material, X and Y are used in the manufacturing of the two products T and K. The raw material requirements for both the products are exactly the same. The budgeted raw material requirement of the company was expected to be 2 lbs. of Material X at a price of $0.20 per lbs. and 1 lbs. of Material Y at a price of $0.30 per lbs. for every unit of either T or K produced. The company actually ended using 24000 lbs. of X at an actual price of $0.19 per lbs. and 11000 pounds of Y at an actual price of $0.32 per lbs. The budgeted production was 8000 units of T and 4000 units of K. The actual production was 7750 units of T and 2750 units of K. Based on the above information, calculate the Price Variance and Usage Variance.

Reference no: EM133185122

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