Longman, Inc. is a manufacturer of lead crystal glasses. The standard materials quantity is 1 pound per
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Longman, Inc. is a manufacturer of lead crystal glasses. The standard materials quantity is 1 pound per glass at a price of \(\$ 0.40\) per pound. The actual results for the production of 7,000 glasses was 1.1 pound per glass, at a price of \(\$ 0.50\) per pound. Calculate the materials price variance and the materials efficiency variance.
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