Diamond Company produces a chair that requires 5 yds. of material per unit. The standard price of

Question:

Diamond Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,700 yards at a cost of $7.60. Determine the
(a) Price variance,
(b) Quantity variance, and
(c) Cost variance