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14. Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During

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14. Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard. Determine the (a) price variance, (b) quantity variance SHOW YOUR WORK

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