Thrope, Inc. purchased 1,900 pounds of direct material at a price of $1.30 per pound....
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Thrope, Inc. purchased 1,900 pounds of direct material at a price of $1.30 per pound. The standard price of the material is $1.42 per pound. Thrope used 1,300 pounds in production while the standard pounds allowed for actual production was 1,100. Calculate the direct materials price and quantity variances and indicate whether the variances are favorable or unfavorable.
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