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Ruby company produces a chair that requires 4 yards of

Question - Ruby Company produces a chair that requires 4 yards of material per unit. The standard price of one yard of material is $10.60. During the month, 5,500 chairs were manufactured, using 21,600 yards at a cost of $11.24 per yard. Enter favorable variances as negative numbers.

(a) Determine the price variance.

(b) Determine the quantity variance.

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Accounting Basics: Ruby company produces a chair that requires 4 yards of

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