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Calculate Materials price variance based on the following information. Show your work. Actual Price: $7.00 Standard Price: $8.50 Actual Quantity used: 115,000 pounds Standard Quantity

Calculate Materials price variance based on the following information. Show your work. Actual Price: $7.00 Standard Price: $8.50 Actual Quantity used: 115,000 pounds Standard Quantity allowed: 11,8000 pounds

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