Question: Calculate the material price variance and material usage variance for LMN Inc. based on the following information: Particulars Standard ($) Actual ($) Quantity Purchased 10,000

Calculate the material price variance and material usage variance for LMN Inc. based on the following information:

Particulars

Standard ($)

Actual ($)

Quantity Purchased

10,000

12,000

Price per Unit

$20

$22

Material Used

9,000

10,000

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