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Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for
Thomas Company uses a standard cost system and recognizes the materials purchase price variance at the time materials are purchased. Information for raw materials for Product RBI for the month of October follows:
Standard unit price
$1.80
Actual purchase price per unit
$1.65
Actual quantity purchased
4,000
units
Actual quantity used
3,900
units
Standard quantity allowed for actual production
3,800
units
What is the materials quantity variance?
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