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QS 21-8 (Algo) Direct materials price and quantity variances LO P3 A company reports the following for one of its products. AQ= Actual Quantity SQ=

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QS 21-8 (Algo) Direct materials price and quantity variances LO P3 A company reports the following for one of its products. AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price Compute the direct materials price and quantity variances and identify each as favorable or unfavorable

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