Ruby Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,400 chairs were manufactured, using 43,500 yards at a cost of $7.53 per yard. Determine the (a) quantity variance, (b) price variance (make sure to show your work and tell whether the variance if favorable or unfavorable) The Lucy Corporation purchased and used 129,000 board feet of lumber in production, at a total cost of $1,677,000. Original production had been budgeted for 22,000 units with a standard material quantity of 5.7 board feet per unit and a standard price of $12 per board foot. Actual production was 23,500 units. Compute the material price variance. 0 23,500U 129,400F 129,000U