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Fairfield Co. has collected the following information about its production activities for the...

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Accounting

Fairfield Co. has collected the following information about its production activities for the current year:
Actual costs and quantities:
Direct materials used 95,000 lbs. @ $6.30 per lb.
Units completed during the year, 50,000 units
Standard costs and quantities:
Price per lb. of direct material, $6.05
Two lbs. of direct material per unit
Calculate the direct materials price and quantity variances and indicate whether each is favorable or unfavorable.
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