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please show all calculations by hand, thank you. Information on Grand Corporation's direct materials costs follows. Quantities of chemical y purchased and used Actual cost
please show all calculations by hand, thank you.
Information on Grand Corporation's direct materials costs follows. Quantities of chemical y purchased and used Actual cost of chemical y used Standard price per gallon of chemical y Standard quantity of chemical y allowed 20,000 gallons $429,000 $ 23.30 18,400 gallons Grand Corporation has no materials inventories. Required: a. What were Grand Corporation's direct materials price and efficiency variances? b. (Appendix) Prepare the journal entries to record the purchase and use of chemical Y using standard costingStep by Step Solution
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