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What is the material price and quantity variances

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Question - H55 uses a standard costing system. For production of a fuel cell, standards call for 4 model RN-3 valves per cell costing $2,160 each. During 2018, the company purchased 220 valves for $543,400. The company used 240 valves in the production of 58 fuel cells (8 valves were ruined through installation error).

What is the material price and quantity variances for the model RN-3 valves.

Reference no: EM132255090

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