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Red Raider Crafts has the following direct materials standard for the wood used in its custom line of Masked Rider carvings.
2 blocks of solid Oak per carving at $15.00 per block
Last month, 940 blocks of wood were purchased and used to make 450 carvings.
The materials cost a total of $13,160.
Question 1: Given the above information, what is the Materials Quantity Variance?
Question 2: Given the above information, what is the Materials Price Variance?
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