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A company reports the following for one of its products. Direct materials standard ( 3 pounds & $ 2 per pound ) Actual direct materials
A company reports the following for one of its products.
Direct materials standard pounds & $ per pound
Actual direct materials used AQ
Actual units produced
Actual cost of direct materials used
$ per unit
pounds
units
$
Actual Quantity
Standard Quantity
Actual Price
Standard Price
Compute the direct materials price and quantity variances and identify each as favorable or unfavorable.
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