The following materials standards have been established for a particular product:
The following data pertain to operations concerning the product for the last month:
The direct materials purchases variance is computed when the materials are purchased.
Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?
Definitions:
Probability Assignment
The process of allocating probabilities to outcomes of a random experiment, ensuring the basic axioms of probability are satisfied.
Legitimate
Authentic or conforming to the law or to rules.
Secret Sales
Exclusive or hidden deals offered to a select group of customers, often aimed at encouraging quick purchases or rewarding loyalty.
Probability Assignment
Probability assignment is the process of allocating probabilities to the outcomes of a random experiment, ensuring that the total probability across all outcomes equals one.
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