What is the materials quantity variance

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Reference no: EM133061832

Question - Assume the following:

The standard price per pound is $2.30.

The standard quantity of pounds allowed per unit of finished goods is 4 pounds.

The actual quantity of materials purchased was 53,000 pounds, whereas the quantity of materials used in production was 50,400 pounds.

The actual purchase price per pound of materials was $2.25.

The company produced 13,000 units of finished goods during the period.

Required - What is the materials quantity variance?

Reference no: EM133061832

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