Question: Direct material variance 3-7e Practice Exercises PE 23-1A Direct Materials Variances OBJ. 3 - Compute and interpret direct materials and direct labor variances. EE 23-1

Direct material variance Direct material variance 3-7e Practice Exercises PE 23-1A Direct Materials Variances OBJ.

3-7e Practice Exercises PE 23-1A Direct Materials Variances OBJ. 3 - Compute and interpret direct materials and direct labor variances. EE 23-1 Venneman Company produces a product that requires 3.5 standard pounds per unit. The standard price is $5.10 per pound. If 14,000 units required 48,000 pounds, which were purchased at $5.40 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? 5.40 - 5.0 - 0.30 x 14000 = 4200

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