Ruby Company Produces a Chair That Requires 5 Yards of Material

question 139

Short Answer

Ruby Company produces a chair that requires 5 yards of material per unit. The standard price of one yard of material is $7.50. During the month, 8,400 chairs were manufactured, using 43,700 yards at a cost of $7.30 per yard.

Determine:
(a) price variance
(b) quantity variance
(c) total cost variance.

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Definitions:

Life Expectancy

The average period that an individual is expected to live based on demographic factors like current age, gender, and health conditions.

Social Support

Refers to the physical and emotional comfort given to us by our family, friends, co-workers, and others. It's knowing that we are part of a community of people who love and care for us and value and think well of us.

Type A Personalities

A personality type characterized by competitiveness, high ambition, aggressiveness, impatience, and a fast pace of life.

Mindfulness

The practice of being fully present and engaged in the moment, aware of one’s thoughts and feelings without judgment.