Question: Prepare a Variance analysis on paper and then answer the questions on Questions 14.ABCC. produces a product with the following standards and actual results. Standards:

Prepare a Variance analysis on paper and then answer the questions on Questions 14.ABCC. produces a product with the following standards and actual results. Standards: Each unit requires 10 pounds of direct materials The standard cost is $7 per pound. Actual results: 2,000 units were produced 22,500 pounds of materials was used. The total costs of materials =$160,000 What is the price variance

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