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What is the material price variance

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Problem - A standard budget shows a typical unit should require eight pounds of material at a standard cost of $4/pound. During the year, the company produced 50,000 units. Total material costs for the year were $1,500,000. Average cost per pound was $3.00. What is the material price variance (MPV) for the period? If favorable, enter as positive; if unfavorable, enter as negative.

Reference no: EM132925249

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