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Compute the materials price variance

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Reference no: EM132282320

Question - Phillips Corporation has the following standards for its direct materials:

  • Standard cost: $4.20 per pound
  • Standard quantity: 6.80 pounds per product

During the most recent month, the company purchased and used 40,300 pounds of material in manufacturing 6,000 products, at a total cost of $167,500. Compute the materials price variance.

Reference no: EM132282320

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