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What is the direct materials cost variance

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Problem - Direct materials variances - Young Company produces a product that requires five standard pounds per unit. The standard price is $0.90 per pound. If 500 units required 2,350 pounds, which were purchased at $1.10 per pound, what is the direct materials (a) price variance, (b) quantity variance and (c) cost variance?

Reference no: EM132687056

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