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Determine the material price variance for richetti jewelry

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Reference no: EM132993671

Question 1: Richetti Jewelry produced 1,510 rings during March. The standard cost of each ounce of gold used in a ring is $1,000 per ounce. The standard quantity of material for each ring is a half ounce of gold per ring. The cost of gold purchased and used in March was $819,000 at $1,050 per ounce. Determine the material price variance and the material quantity variance for March.

Reference no: EM132993671

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