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Ruby Company produces a chair that requires 6 yards of material per unit. The standard price of one yard of material is $11.20. During the
Ruby Company produces a chair that requires 6 yards of material per unit. The standard price of one yard of material is $11.20. During the month, 6,700 chairs were manufactured, using 41,000 yards at a cost of $10.64 per yard. Enter favorable variances as negative numbers.
| (a) | Determine the price variance. | $(Favorable/Unfavorable) |
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| (b) | Determine the quantity variance. | $(F/U) |
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| (c) | Determine the cost variance. | $(F/U) |
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