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Compute the materials price and quantity variances

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Reference no: EM132526392

Question - The standard cost of Item 285 manufactured by Moon Company includes 3 pounds of direct materials at $6.00 per pound. During May, 60,000 pounds of direct materials are purchased at a cost of $5.55 per pound, and all of the direct materials are used to produce 19,000 units of Item 285.

Instructions -

(a) Compute the materials price and quantity variances.

(b) Journalize the purchase of the materials and the issuance of the materials, assuming a standard cost system is used.

Reference no: EM132526392

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