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Elegance allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of $1,700$ flowerpots

View the actual results

Read the requirements $M=$ Direct materials.$)$

First determine the formula for the price variance, then compute the price variance for direct materials

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$)$ DM price variance $)=$

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Standards

Actual Results

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Requirements

Compute the direct material price variance and the direct material quantity variance.

Who is generally responsible for each variance?

Interpret the variances

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