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Compute the total direct materials cost variance

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Reference no: EM132514655

Karloff reports the following for one of its products.

Direct materials standard (3 lbs. @ $5 per lb.)       $15 per finished unit

Actual finished units produced                               100,000 units

Actual cost of direct materials used                             $1,430,000

Question 1: Compute the total direct materials cost variance, price variance, and quantity variance and classify them as favorable or unfavorable.

Reference no: EM132514655

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