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Variance Analysis in Manufacturing : A manufacturing company budgeted $50,000 for direct materials and actually incurred costs of $55,000. Analyze the direct materials price variance
Variance Analysis in Manufacturing: A manufacturing company budgeted $50,000 for direct materials and actually incurred costs of $55,000. Analyze the direct materials price variance and quantity variance, considering factors such as material cost fluctuations, production efficiency, and purchasing decisions affecting material usage. Additionally, discuss strategies for managing and controlling material costs to improve overall performance.
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