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Determine the price variance

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Question - Direct Materials Variances - The following data relate to the direct materials cost for the production of 20,000 automobile tires:

Actual: 80,000 lbs. at $2.65 $212,000

Standard: 86,000 lbs. at $2.50 $215,000

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

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

Reference no: EM132916313

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