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Determine the direct materials price variance

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Reference no: EM132716781

Problem - The following data relate to the direct materials cost for the production of 50,000 automobile tires:

Actual: 725,000 lbs. at $3.00 per lb.

Standard: 730,000 lbs. at $2.95 per lb.

Required -

a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.

b. To whom should the variances be reported for analysis and control?

Reference no: EM132716781

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