Question: I need help solving this general accounting question with the proper methodology. A company uses a standard costing system. Each unit of product requires 3

I need help solving this general accounting question with the proper methodology.

A company uses a standard costing system. Each unit of product requires 3 pounds of raw material at a standard cost of $5 per pound. During March, the company purchased 3,000 pounds of material at $5.20 per pound and produced 950 units using 2,850 pounds of material. Calculate the materials price and quantity variances

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