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1. What are the two primary types of variances? 2. Big Blue Corp produces recycling bins for municipal curbside pickup programs. The standard cost sheet for a bin shows 12 pounds of direct materials required at a cost of $3.50 per pound. In a recent accounting period, Big Blue Corp purchased and used 69,000 pounds of direct materials at an actual cost of $3.55 per pound and produced 6,000 recycling bins. Complete the following table, showing all work. Materials price variance Materials usage variance Total materials variance