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Solve the materials price and quantity variances

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Reference no: EM132993148

Problem 1: Think of some examples of perfection (ideal) standards and practical standards (can be from an accounting or non-accounting area). Which do you prefer?

Hanson Inc. has the following direct material standard to manufacture one Jerf:

1.5 kgs per Jerf at $4.00 per kg
Last month 1,700 kgs of material were purchased and used to make 1,000 Jerfs.
The material cost a total of $6,630.

Problem 2: Calculate the materials price and quantity variances.

Reference no: EM132993148

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