Acct440 Managerial Accounting: Diamond Company produces a chair that requires 5 yds.

Acct440 Managerial Accounting
Diamond Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,700 yards at a cost of $7.60.

Determine the (a) price variance, (b) quantity variance, and (c) cost variance.
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