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PE 23-1B Direct materials variances Now you try it! Type your answers in the space...

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PE 23-1B Direct materials variances Now you try it! Type your answers in the space provided as well as how you calculated each. Dvorak Company produces a product that requires five standard pounds per unit. The standard price is $2.50 per pound. If 1,000 units required 4,500 pounds, which were purchased at $3.00 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance?

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