Question: Question Content Area Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is

Question Content Area
Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $12.20. During the month, 8,400 chairs were manufactured, using 42,400 yards at a cost of $12.93 per yard. Enter favorable variances as negative numbers.
(a) Determine the price variance. $fill in the blank 1
(b) Determine the quantity variance. $fill in the blank 3
(c) Determine the cost variance. $fill in the blank 5

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