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The standard materials cost to produce one unit of Product M is 6 pounds of material at a standard price of $50 per pound. In manufacturing 8,000 units, 47,000 pounds of material were used at a cost of $51 per pound. What is the total direct material cost variance?
Determine the variances and indicate whether each is favorable or unfavorable, Materials price variance and Materials quantity variance
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Example on Inventory Valuation
Provide an example of when reclassifying a long term investment as a short term investment makes financial sense for company.
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