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What is the materials purchase price variance

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Question - Your Company uses a standard cost system. Information for raw materials its product for the month of follows:

Standard price per pound of raw materials $1.60

Actual purchase price per pound of raw materials $1.68

Actual quantity of raw materials purchased 2,000 pounds

Actual quantity of raw materials used 1,900 pounds

Standard quantity allowed for actual production 1,800 pounds

Required - What is the materials purchase price variance?

Reference no: EM133035647

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