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Determine Direct Material Variances

The following information is presented for the Flowvalve Manufacturing Company.

Direct material price standard is $15 per pound.

Direct material quantity standard is 1/4 pound per finished unit

budgeted production is 20,000 finished units

6,000 pounds of direct material were purchased for $91,320

4650 pounds of direct material were used in production

18,000 finished units of product were produced

a Determine the direct material price variance

b Determine the direct material quantity variance in dollars

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