Use the following to answer questions 3-4: Cost standards for product no. C77: Direct material 3 pounds at $2.50 per pound $ 7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 7,800 units Direct material purchased 26,000 pounds at $2.70 $ 70,200 Direct material used 23,100 pounds at $2.70 62,370 Direct labor 40,100 hours at $7.30 292,730 3. The direct-material quantity variance is: A. $750F. B. $750U. C. $6,500U. D. $7,250U. E. none of the above. 4. The direct-material price variance is: A. $4,620F. B. $4,620U. C. $5,200F. D. $5,200U. E. none of the above.
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Use the following to answer questions 3-4: Cost standards for product no. Direct material 3 pounds at $2.50 per pound $ 7.50 Direct labor 5 hours at…
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