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Ruby Company produces a chair for which the standard specifies 7 yards of material per unit. The standard price of one yard of material is

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Ruby Company produces a chair for which the standard specifies 7 yards of material per unit. The standard price of one yard of material is $8.60. During the month, 8,300 chairs were manufactured, using 57,500 yards at a cost of $8.08 per yard. Determine the following: Enter favorable variances as negative numbers

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