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A company planned to produce 10,000 units, but accidentally produced 9,000 units.Each unit has a standard quantity of 10 lb of material, and a standard

A company planned to produce 10,000 units, but accidentally produced 9,000 units.Each unit has a standard quantity of 10 lb of material, and a standard price for the material of $8/pound.The company purchased 100,000lb of material at $10/pound but only used 95,000lb.

1) What is the material quantity variance?

2) what is the material price variance?

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