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Materials Variances-Working Backwards SMP Company has the following operating data for the month just completed:
Direct materials purchased 40,000 poundsDirect materials used 38,000 poundsTotal cost of direct materials purchased $120,000Standard price of direct materials $3.50 per poundDirect materials usage variance-unfavorable $6,500
Required: Compute for SMP the following:
1. Purchase price per pound for direct materials.
2. Direct materials purchase-price variance.
3. Total standard quantity of direct materials allowed for units produced during the period.
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