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Acme Inc. has the following information available: Actual price paid for material $1 Standard price for material $1.20 Actual quantity purchased and used in production

Acme Inc. has the following information available: Actual price paid for material $1 Standard price for material $1.20 Actual quantity purchased and used in production 100 Standard quantity for units produced 110 Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 Standard hours for units produced 220 What is the favorable material price variance

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