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The standard and actual prices per pound of raw material are $4.00 and $4.50, respectively....

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Accounting

The standard and actual prices per pound of raw material are $4.00 and $4.50,

respectively. A total of 10,500 pounds of raw material was purchased and then used to

produce 5,000 units. The quantity standard allows 2 pounds of the raw material per unit

produced. What is the materials price variance? Give equation used as well.

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