Question 1 Grant Ticker Company uses a standard cost system for its product. The materials standard...

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Question 1 Grant Ticker Company uses a standard cost system for its product. The materials standard for each unit produced is 0.6 pounds of direct materials at a standard cost of $19.50 per pound. During the month of August, the firm purchased 18,400 pounds of direct materials at a total cost of $349,600. The firm used all of the DM purchased to produce 32,000 units. Required: What is the firm's materials price variance for the month? Question 1 Grant Ticker Company uses a standard cost system for its product. The materials standard for each unit produced is 0.6 pounds of direct materials at a standard cost of $19.50 per pound. During the month of August, the firm purchased 18,400 pounds of direct materials at a total cost of $349,600. The firm used all of the DM purchased to produce 32,000 units. Required: What is the firm's materials price variance for the month?