The standard cost of Wonder Walkers includes two units of direct materials at $8.00 per...
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Accounting
The standard cost of Wonder Walkers includes two units of direct materials at $8.00 per unit. During July, the company buys 22,000 units of direct materials at $7.50 and uses those materials to produce 10,000 Wonder Walkers. Compute the total, price, and quantity variances for materials. Given these formulas: Total material variance= (AQ * AP) - (SQ*SP) , Materials price variance= (AQ*AP)- (AQ*SP), Materials Quantity variance= (AQ*SP)- (SQ*SP).
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