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What is the materials purchase price variance for company

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Reference no: EM132949031

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

Problem 1: What is the materials purchase price variance?

Reference no: EM132949031

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