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Toyota evaluates standard costing with standard material cost per unit $520, actual material cost per unit $540, standard units 11,000, actual units 10,500. Requirements: Calculate

  1. Toyota evaluates standard costing with standard material cost per unit $520, actual material cost per unit $540, standard units 11,000, actual units 10,500.
    • Requirements:
      • Calculate the material price variance.
      • Calculate the material quantity variance.
      • Prepare a variance analysis report.
      • Suggest improvements for material cost control.

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