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Problem - Machine maintenance is a variable cost of your business. You have standard of 5 minutes of machine time per unit produced and $20 of maintenance cost per hour of machine usage. Your actual amounts are 2646 hours of machine time and $56938 in maintenance cost. You produce 33946 units whereas your budget had anticipated volume of 20,000.
Required -
a) Provide the maintenance efficiency variance (absolute value).
b) Is the above variance favorable or unfavorable?
c) Now provide the maintenance price variance (absolute value) (1) Is the above variance favorable or unfavorable?
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