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Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $8.60. During the

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Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $8.60. During the month, 7,400 chairs were manufactured, using 36,600 yards at a cost of $8.17 per yard. Enter favorable variances as negative numbers. (a) Determine the price variance (b) Determine the quantity variance. (c) Determine the cost variance

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